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HUD/OH RIN: 2502-AI81 Publication ID: Fall 2010 
Title: Federal Housing Administration (FHA): Continuation of FHA Reform-Strengthening Risk Management Through Responsible FHA-Approved Lenders FR-5356) 
Abstract: Through this rule, HUD continues its efforts to streamline, modernize, and strengthen the mortgage insurance functions and responsibilities of FHA, as authorized by provisions contained in the National Housing Act, as amended by the FHA Modernization Act of 2008, and further supported by the Helping Families Save Their Homes Act of 2009. First, this rule would eliminate the FHA approval process for loan correspondents. Mortgagees would be required to ensure that their loan correspondents meet applicable requirements. The FHA-approved mortgagee will, in turn, act as sponsor as it has in the past, but in using a sponsor/correspondent relationship, the sponsoring mortgagee must agree to assume responsibility for any loan correspondent that works with the mortgagee in the FHA insured loan, and assume liability for the FHA insured loan underwritten and closed in the name of the FHA approved mortgagee. This rule would also increase the net worth requirement for FHA-approved mortgagees for the purpose of ensuring that approved mortgagees are sufficiently capitalized. 
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 202   
Legal Authority: 12 USC 1703    12 USC 1709    12 USC 1715b    42 USC 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  11/30/2009  74 FR 62521   
NPRM Comment Period End  12/30/2009    
Final Action  04/20/2010  75 FR 20718   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Joy Hadley
Director, Office of Lender Activities and Program Compliance
Department of Housing and Urban Development
Office of Housing
451 7th Street SW,
Washington, DC 20410
Phone:202 402-8214