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HUD/OH | RIN: 2502-AJ41 | Publication ID: Fall 2019 |
Title: Streamlining and Revising HUD's Free Assumability and Conveyance Restrictions for Federal Housing Authority (FHA) Mortgages (FR-6052) | |
Abstract:
HUD’s regulations currently include complex restrictions on conveyances and assumability of FHA mortgages. The Housing Opportunity Through Modernization Act of 2016, (Pub. L. 114-201) (HOTMA), requires that HUD’s regulations on private transfer fees, previously prohibited as restrictions on conveyances, conform with the policy imposed by the Federal Housing Finance Agency (FHFA) for loans purchased by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). This rule proposes to revise HUD’s restrictions on conveyances and assumability to conform with the FHFA requirements for private transfer fees and further streamline the process to allow for free assumability in a less costly and burdensome fashion. |
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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: Proposed 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 12 U.S.C. 1715u 12 U.S.C. 1717z-21 and 1735d 15 U.S.C. 1639c 42 U.S.C. 3535(d) |
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 | |
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 |