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| USDA/RHS | RIN: 0575-AC88 | Publication ID: Spring 2013 |
| Title: Loan Packager Certification | |
| Abstract: Through this action, the Rural Housing Service (RHS) is proposing to amend its regulations for the Single Family Housing Direct Loan Program to define and create a formal and mandatory process for fee-permissible loan application packaging bodies. The process will include the requirements for eligible individuals to obtain the designation of an Agency-certified loan application packager and the requirements for qualified organizations and public agencies that employ certified packagers. The proposed rule may also include Agency-approved independent nonprofit organizations that serve as intermediaries and perform quality assurance reviews on packaged loan applications prior to submission to the Agency. In addition, RHS is proposing to amend its regulations to allow the loan amount for the loan application packaging fee charged by a fee-permissible packaging body to exceed the maximum loan limitation. The Administrator will periodically set a maximum dollar amount for the fee within the loan limit and set different maximum dollar amounts for packaging bodies with and without intermediaries. These amounts will be published on the Agency's Web site as an attachment to HB-1-3550. This action is intended to benefit low- and very low-income people who wish to achieve home ownership in rural areas by increasing the Agency's ability to outreach to them through competent and knowledgeable loan application packagers and to improve the quality and quantity of loan application packages submitted on their behalf. | |
| Agency: Department of Agriculture(USDA) | Priority: Other Significant |
| RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
| Major: Undetermined | Unfunded Mandates: No |
| CFR Citation: 7 CFR 3550 | |
| Legal Authority: 5 USC 301 42 USC 1480 | |
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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 | |
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Agency Contact: Brooke Baumann Loan Origination Branch Chief Department of Agriculture Rural Housing Service STOP 0783, 1400 Independence Avenue SW., Washington, DC 20250 Phone:202 720-1474 Fax:202 720-2232 Email: brooke.baumann@wdc.usda.gov |
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