HUD published in the April 25 Federal Register its semi-annual agenda of regulations under review or expected to be issued. Below is a partial listing of the regulations pertaining to the morgage lending industry.Topic and Action Rule Stage DeadlineAuthority Over Fannie, Freddie. Proposed Final,Reg revisions needed to officially statutory - Aprilempower HUD's congressionally 28, 1994
charged regulatory authority over the GSE's including statutory duties of establishing goals for low-mod purchases.OFHEO & Safety, Soundness, Proposed Final, statutory - DecemberProposed statutory duties require 1994
the Office of Federal Housing Enterprise Oversight to oversee GSEs, including reviewing for safety and soundness and requiring reports.Single Person Rule. The rule, Final No legal deadline. Finalimplemented under the National approvalAffordable Housing Act, would expected in June.
the term "family" to include any single person.Single Family Counseling. Rule Proposed No legal deadline.would require prepurchase Rule may takecounseling as a condition for a effect in July.
Section 203 FHA single-family mortgage with an LTV ration of 97% or higher.Special Forebearance Agreements. Proposed No legal deadline.Rule would permit lender and Rule may takehomeowner to reach a special effect in August.
forebearance requiring the payment of arrearages before maturity of the mortgage - without approval from HUD.Closing Agent Requirements. Rule Proposed Comment periodwould pre-empt state and local ends May 20; finallaws - and codifies HUD's action is slatedcontracts with lenders - to ensure for October 1994.
proceeds of real estate sales aren't commingled in interest-bearing accounts.Allowing Condo Rehabs. Rule Proposed Expected to bewould make rehabilitation released formortgage insurance under Section public comment203(k) available for condos. in July.Minimum Property Standards. Rule Final Final,would specify that seismic design statutory - Feb.is a mandatory standard for 1, 1993, but finalapplicable housing in HUD's action completedminimum property standards. in April. Approvalfor applicable housing in HUD's likely in June.
minimum property standards.Revision of Multifamily Final No legal deadline.Processing. HUD proposes amending Rule will likelyFHA multifamily processing regs to take effect inincrease processing and commitment July.
fees, require a preapplication conference, and eliminate the conditional commitment processing stage for some loans.Ginnie Mae Net Worth Final No legal deadline.Requirements. Rule would revise Final actionGinnie Mae's standards for issuer slated forapproval by amending net worth December
requirements and implementing new integrity requirements that would more accurately reflect an issuer's ability to participate in Ginnie's MBS program.