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HUD/OH | RIN: 2502-AJ02 | Publication ID: Fall 2011 |
Title: ●Federal Housing Administration (FHA) Single-Family Mortgage Insurance: Elimination of Requests For Alternative Mortgage Limits (FR-5462) | |
Abstract: This proposed rule would eliminate the process for requesting alternative FHA maximum mortgage amounts. HUD currently sets the area-based loan limits on a yearly basis and permits appeals of these loan limits. At the time the regulations permitting appeals were promulgated, there were no comprehensive, national databases of home sales transactions. As a result, requests for raising FHA loan limits in certain areas by interested parties were an important part of the loan limit determination process. Today, however, HUD has available national data services that compile comprehensive sales transaction data at the county level, making the appeals process unnecessary. In addition, since HUD began this new information collection on price trends at a county level, the number of parties utilizing the appeals process has gone from 105 for the 2008 loan limits to zero for the 2011 loan limits. Because of the quality of HUD's data and the lack of utilization of the appeals process, HUD has determined that the regulations governing requests for alternative maximum mortgage amounts are no longer necessary. | |
Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 203 | |
Legal Authority: 12 USC 1701, 1710, 1715b, 1715z to 1716, 1715v 42 USC 3535(d) |
Legal Deadline:
None |
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Timetable:
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Additional Information: Includes Retrospective Review under Executive Order 13563. | |
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: Arlene M. Nunes Director, Home Mortgage Insurance Division, Office of Single Family Program Development Department of Housing and Urban Development Office of Housing 451 7th Street SW., Washington, DC 20410 Phone:202 708-2121 |