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USDA/RHS | RIN: 0575-AD08 | Publication ID: Spring 2020 |
Title: Single Family Housing Guaranteed Rural Housing Programs--Delegated Approval Authority and Strengthening Management Oversight | |
Abstract:
The Rural Housing Service is proposing to amend its current regulation to delegate loan approval authority to preferred lenders, i.e., those whose loans have performed well and demonstrated strong underwriting capability, to 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 change will 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 with the proposed rule the agency should be able to proceed in a manner that assures its risk profile for the program would 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: Proposed Rule Stage |
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 |