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HUD/OH RIN: 2502-AJ53 Publication ID: Fall 2023 
Title: Federal Housing Administration (FHA) Single Family Mortgage Insurance--Streamlining and Reform of Servicing and Claim Requirements for FHA-Insured Mortgages (FR- 6206) 
Abstract:

Over the past decade, the costs associated with servicing both performing and non-performing mortgages throughout the industry have increased significantly. This adversely impacts servicers as well as borrowers who have the costs passed onto them in the form of higher mortgage fees. This proposed rule would streamline the requirements related to curtailment of interest and other expenses incurred for missing certain servicing deadlines when filing a claim to HUD. These changes would reduce costs for forward mortgage and Home Equity Conversion Mortgage servicers significantly. This rule also proposes to establish deadlines that define FHA’s liability for claim payments for insurance benefits. This change would protect communities by reducing neighborhood blight caused by properties that sit vacant for extended periods of time and improve HUD's ability to manage the MMI Fund by reducing unnecessary holding costs to HUD.

 

 

 
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 and 206   
Legal Authority: 12 U.S.C. 1707    12 U.S.C. 1709 and 1710    12 U.S.C. 1715b    12 U.S.C. 1715z-16 and    12 U.S.C. 1717z-21    ...   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  05/00/2024 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Undetermined 
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