View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML

USDA/RHS RIN: 0575-AD28 Publication ID: Spring 2022 
Title: ●7 CFR 3555.304--Section Changes to the Special Mortgage Recovery Advances (MRA) for the Single-Family Housing Guaranteed Loan Program  

The Rural Housing Service (RHS) expects to publish a proposed rule to amend the current regulation for 7 CFR 3555.304(d)(6) to implement changes related to the use of special service options for Non-Performing Loans. The action is expected to amend 7 CFR 3555.301 to adjust the Mortgage Recovery Advance (MRA) process to make it less cumbersome and eliminate documentation and eligibility challenges for borrowers who do not require payment reduction. Currently, the process to administer the MRA options require extensive processing, tracking, and oversight. The expected results of the proposed changes are: (1) To offset the negative effects that delinquencies will have on our Single Family Guaranteed Loan Portfolio. This will allow more families to remain in their homes resulting in fewer loss claims for the Agency; (2) Gives lenders more flexibility in their servicing options; (3) Benefit borrowers and lenders by offering a less expensive and less cumbersome option, creating an environment that supports successful future homeownership. 

Agency: Department of Agriculture(USDA)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 7 CFR 3555   
Legal Authority: 42 U.S.C. 1471    5 U.S.C. 301   
Legal Deadline:  None
Action Date FR Cite
Proposed Rule  12/00/2022 
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:
Ticia Weare
Department of Agriculture
Rural Housing Service
1400 Independence Avenue SW,
Washington, DC 20250
Phone:702 407-1400