View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
HUD/OH | RIN: 2502-AJ72 | Publication ID: Fall 2024 |
Title: Multifamily Loan Disbursements (FR-6423) | |
Abstract:
This rule updates HUD’s regulation in 24 CFR 200.54 to allow mortgage proceeds resulting from the initial issuance of a mortgage-backed security guaranteed by the Government National Mortgage Association (Ginnie Mae) to be disbursed immediately in a limited amount for projects insured under National Housing Act when the required Borrower equity exceeds the amount of the initial closing construction draw. Many times, the amount of Borrower equity exceeds the amount required at initial closing for the first draw, which presents a timing challenge because disbursing the equity as construction activity occurs will take up to two months and mortgage draw activity must be postponed. A latent conflict exists for a very short period of time when a mortgage lender pools a loan into a mortgage-backed security. The rule will resolve this conflict and provide necessary flexibility for the FHA program. |
|
Agency: Department of Housing and Urban Development(HUD) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 200.54 | |
Legal Authority: 12 U.S.C. 1702–1715z–21 42 U.S.C. 3535(d) |
Legal Deadline:
None |
||||||||||||
Timetable:
|
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: Willie Fobbs Director, Office of Multifamily Production Department of Housing and Urban Development Office of Housing 451 7th Street SW, Washington, DC 20410 Phone:202 402-6257 |