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USDA/RHS | RIN: 0575-AD08 | Publication ID: Fall 2019 |
Title: Single Family Housing Guaranteed Rural Housing Programs--Delegated Approval Authority and Strengthening Management Oversight | |
Abstract:
The Rural Housing Service delegation of this loan approval authority to preferred lenders, i.e., those whose loans have performed well and demonstrated strong underwriting capability, would benefit the program and its stakeholders. Preferred lenders would be responsible for certifying that both the applicant and property meet all program eligibility and underwriting requirements and thus are eligible for the guarantee, without the prior review by agency staff which takes place today. This would speed up approval processing times, benefiting applicants, preferred lenders, and the Agency. The change to delegated authority would alter the risk management dynamics of the program, and the agency should move forward in a manner that assures its risk profile for the program does not increase. |
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Agency: Department of Agriculture(USDA) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Long-Term Actions |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Deregulatory | |
CFR Citation: 7 CFR 3555.51 7 CFR 3555.55 | |
Legal Authority: 42 U.S.C. 1487, Rural Housing Insurance Fund |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Kate Jensen Department of Agriculture Rural Housing Service 1400 Independence Avenue SW, Washington, DC 20250 Phone:503 894-2382 Email: kate.jensen@usda.gov |