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HUD/OH RIN: 2502-AJ41 Publication ID: Spring 2023 
Title: Streamlining and Revising HUD's Free Assumability and Conveyance Restrictions for Federal Housing Administration (FHA) Mortgages (FR-6052) 
Abstract:

HUD’s regulations currently include complex prohibitions and exceptions to 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). Additionally, such prohibitions may be burdensome to implement for programs designed to promote affordable homeownership. This rule proposes to revise HUD’s requirements 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.

 
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 
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
Timetable:
Action Date FR Cite
NPRM  02/00/2024 
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 Asset Management
Department of Housing and Urban Development
Office of Housing
451 7th Street SW,
Washington, DC 20410
Phone:202 708-1672