federal_register: 2010-11383
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| 2010-11383 | Single Family Housing Guaranteed Loan Program | Proposed Rule | The Rural Housing Service proposes two changes to its Single Family Housing Guaranteed Loan Program (SFHGLP) regulation. This action is taken to achieve savings for the taxpayer, simplify regulations, and promote efficiency in managing the SFHGLP. The proposed changes are in accordance with the recommendations of the Inspector General in its Audit (Number 04601-0017-CH) of April 2009. Under the SFHGLP regulation as it stands today, lenders may set an interest rate for a loan under the SFHGLP that either does not exceed the Lender's published rate for VA first mortgage loans with no discount points or does not exceed the current Federal National Mortgage Association (Fannie Mae) posted yield for 90-day delivery (Actual/Actual), plus six-tenths of 1 percent for 30-year fixed rate conventional loans, rounded up to the nearest one-quarter of 1 percent. The first proposed rule change would eliminate the lender's published VA rate for first mortgage loans with no discount points as an option for a maximum interest rate on loans. The effect of this action would be to create a more uniform, simpler standard for interest rates under the SFHGLP, whereby lenders would always use the current Fannie Mae rate as the rate ceiling. The Fannie Mae rate is the most widely utilized interest rate guidance by approved lenders. It is also the most accessible to lenders and the Agency when documenting loan files to ensure affordable interest rates are extended to Guaranteed Loan Program borrowers. The second proposed change relates to the rights of the Secretary when the Secretary has to pay a claim under the guarantee for the loan, but the original lender did not originate the loan in accordance with the program requirements. The proposed rule change would allow the Secretary in certain circumstances to seek indemnification from the originator of the loan for the Secretary's loss. This change promises to save taxpayer money and incentivize due care on the part of lenders by allowing the Government to recoup the funds it pays out in the event of a claim under the guarantee where the original lender did not comply with SFHGLP requirements. | 2010-05-19 | 2010 | 5 | https://www.federalregister.gov/documents/2010/05/19/2010-11383/single-family-housing-guaranteed-loan-program | https://www.govinfo.gov/content/pkg/FR-2010-05-19/pdf/2010-11383.pdf | Agriculture Department; Rural Housing Service | 12,458 | The Rural Housing Service proposes two changes to its Single Family Housing Guaranteed Loan Program (SFHGLP) regulation. This action is taken to achieve savings for the taxpayer, simplify regulations, and promote efficiency in managing the SFHGLP. The... | 0575-AC83 |