Single Family Housing Guaranteed Loan Program Changes Related to Special Servicing Options
rural-development · Rural Housing Service · Rule · Published 2024-08-15 · Effective 2025-02-11 · 89 FR 66189
Document
Document number
2024-18291
Federal Register citation
89 FR 66189
CFR reference
7 CFR 3555
Type
Rule
Action
Final rule.
Category
rural-development
Sub-agency
Rural Housing Service
Publication date
2024-08-15
Effective date
2025-02-11
USDA docket
Docket No. RHS-24-SFH-0001
Abstract
The Rural Housing Service (RHS or Agency), a Rural Development (RD) agency of the United States Department of Agriculture (USDA), is implementing changes to the Single-Family Housing Guaranteed Loan Program (SFHGLP) to amend the current regulations regarding Special Servicing Options and adjust the Mortgage Recovery Advance (MRA) process. This final rule is intended to benefit borrowers and lenders by providing lenders more flexibility in their servicing options, offering a less expensive and less cumbersome MRA process, and reduce program risk of the guaranteed loan portfolio.