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USDA/RHS | RIN: 0575-AD46 | Publication ID: Fall 2024 |
Title: ●7 CFR 3555- Single Family Housing Guaranteed Loan Program (SFHGLP) - Income Calculation Simplification | |
Abstract:
The Agency is proposing changes to the SFHGLP regulation at 7 CFR 3555 by eliminating the requirement for those who will not be a party to the transaction to supply personal income and asset documentation by using only the income of the applicant(s) when calculating both the income used to determine initial program eligibility as well as income used to determine repayment ability. This will better align the Agency with the Privacy Act of 1974 (5 U.S.C. 552a) and standard industry practices, as well as recognize the significantly changing family dynamics which make it difficult to obtain the currently required financial information. It is expected to enhance customer experience for rural low - to- moderate income residents seeking financing through the SFHGLP, lenders and staff. Discussions have taken place at the SFHGLP’ s monthly joint housing calls with FHA, FHFA, CFPB, VA, and Ginnie Mae where the Agency provides updates on the status of Agency proposals and seeks input from our partners. Based on positive feedback received, the proposal appears to align with other entities within the mortgage industry-Freddie Mac, Fannie Mae, FHA,and VA have already adopted similar policies. Additional opportunity to provide input will be provided during the comment period once the proposed rule is published. |
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Agency: Department of Agriculture(USDA) | Priority: Other Significant |
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 et seq.] |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Undetermined |
Small Entities Affected: No | Federalism: Undetermined |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Ticia Weare Finance and Loan Analyst, SFH Department of Agriculture Rural Housing Service 1400 Independence Avenue SW, Washington, DC 20250 Phone:702 407-1400 Email: ticia.weare@usda.gov |