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HUD/OH | RIN: 2502-AJ12 | Publication ID: Spring 2015 |
Title: Federal Housing Administration (FHA): Mortgagor and Mortgagee Requirements for Flood Insurance for the FHA Single Family Program (FR-5581) | |
Abstract: This rule proposes to amend the FHA Single Family Mortgage Insurance program regulations that require mortgagors and mortgagees to purchase and maintain flood insurance under the National Flood Insurance Program (NFIP). Specifically, the rule would clarify the amount of flood insurance required to be purchased and maintained in order to be eligible to obtain FHA insurance on property located in an area designated as having special flood hazards or otherwise subject to flood hazards as determined by the Federal Emergency Management Agency (FEMA) Administrator. This proposed rule would amend the regulation to more closely conform to statutory requirements and the current NFIP program. The changes proposed by this rule would facilitate increased consumer and industry understanding of FHA's program requirements, increase compliance with these requirements, and assist in ensuring that beneficiaries have a specific expectation of the amount that will be recovered for flood insurance claims on FHA insured properties. | |
Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 203 | |
Legal Authority: 12 U.S.C. 1709 12 U.S.C. 1710 12 U.S.C. 1715b 12 U.S.C. 1715z-16 12 U.S.C. 1715u 42 U.S.C. 3535 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Elissa Saunders Director, Office of Single Family Program Development Department of Housing and Urban Development Office of Housing 451 7th Street SW, Washington, DC 20410 Phone:202 708-1672 |