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HUD/OH | RIN: 2502-AJ40 | Publication ID: Spring 2017 |
Title: ●Streamlining FHA Single Family Mortgage Insurance: 10-Year Protection Plan Requirements for High Loan-to-Value Ratio Mortgages Insurance (FR-6029) | |
Abstract:
This rule streamlines the home warranty requirements for FHA single family mortgage insurance. This rule removes the regulations requiring 10-year protection plans required in order to qualify for high loan-to-value (LTV) FHA-insured mortgages as a condition of closing for newly constructed single-family homes. The Housing and Economic Recovery Act of 2008 removed the statutory requirement for a warranty plan and other special requirements for high LTV. High LTV mortgages would now be governed solely by the inspection requirements in this rule because the inspection requirements would apply to all new construction, regardless of LTV ratio.
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Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: First time 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 U.S.C. 1709 and 1710 12 U.S.C. 1715b 12 U.S.C. 1715z-16 and 1715u 42 U.S.C. 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 | |
Related RINs: Split from 2502-AJ03 | |
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 |