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HUD/OH | RIN: 2502-AJ02 | Publication ID: Fall 2013 |
Title: Federal Housing Administration (FHA) Single-Family Mortgage Insurance: Elimination of Requests For Alternative Mortgage Limits (FR-5462) | |
Abstract: This 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, HUD relied on sales data provided by interested parties in determining loan limits for certain areas. Today, however, HUD has available comprehensive direct sales transaction data and indirect home value data at the county level. 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, 2012, and 2013 loan limits. For these reasons, HUD has determined that the regulations governing requests for alternative maximum mortgage amounts are outdated and unnecessarily disrupt HUD's loan limit determination process. Pursuant to Executive Order 13563, HUD would remove these regulations. | |
Agency: Department of Housing and Urban Development(HUD) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 203 | |
Legal Authority: 12 USC 1701 12 USC 1710 12 USC 1715b 12 USC 1715z to 1716 12 USC 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 |