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HUD/OH | RIN: 2502-AJ23 | Publication ID: Spring 2020 |
Title: Federal Housing Administration (FHA): Single Family Mortgage Insurance Curtailment of Interest and Disallowance of Operating Expenses Incurred Beyond Certain Established Timeframes (FR-5742) | |
Abstract:
This final rule would revise HUD policy concerning curtailment of interest to ease the burden on mortgagees. Currently, if a mortgagee fails to meet applicable requirements, even by one day, the mortgagee is required to curtail interest for the duration of the life of the mortgage and FHA insurance contract. This rule would require the mortgagees to curtail interest only for the length of the mortgagee’s delay, and not for the entire duration of the life of the mortgage and FHA insurance contract. This rule would also disallow certain expenses incurred by a mortgagee prior to the filing of a claim for insurance benefits where such expenses result from a mortgagee’s failure to timely initiate foreclosure or timely take such other action that is a prerequisite to submission of a claim for 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: Completed Actions |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
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 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 | |
Public Comment URL: www.regulations.gov/searchResults?rpp=25&po=0&s=FR-5742&fp=true&ns=true | |
RIN Data Printed in the FR: No | |
Agency Contact: Ivery Himes Director, Office of Single Family Asset Management, Office of Housing Department of Housing and Urban Development Office of Housing 451 Seventh Street SW, Washington, DC 20410 Phone:202 708-1672 |