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HUD/OH | RIN: 2502-AJ40 | Publication ID: Fall 2018 |
Title: Streamlining Warranty Requirements for FHA Single Family Mortgage Insurance: Removal of the Ten-Year Protection Plan Requirements (FR-6029) | |
Abstract:
This rule streamlines the home warranty requirements for FHA single family mortgage insurance by removing the regulations that require borrowers to purchase 10-year protection plans required in order to qualify for certain mortgages on newly constructed single-family homes. This action conforms with changes made by the Housing and Economic Recovery Act of 2008. HUD, however, is retaining the requirement that the Warranty of Completion of Construction (form HUD-92544) be executed by the builder and the buyer of a new construction home, as a condition for FHA mortgage insurance. |
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Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Deregulatory | |
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 |