News & Analysis as of

Final Rules Department of Housing and Urban Development

Mayer Brown

FHA Branch Offices Could Become a Thing of the Past: HUD Finalizes Rule Eliminating Mandatory Branch Office Registration

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Federal Housing Administration (“FHA”) approved lenders and mortgagees will no longer be required to register their branch offices. The US Department of Housing and Urban Development (“HUD”) published a final rule (the “Final...more

Goodwin

HUD Announces Final Rule Restoring 2013 Discriminatory Effects Standard

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On March 17, the U.S. Department of Housing and Urban Development (HUD) announced that it had submitted a Final Rule entitled Restoring HUD’s Discriminatory Effects Standard. The Rule reinstates HUD’s 2013 discriminatory...more

Orrick, Herrington & Sutcliffe LLP

HUD establishes 40-year loss-mit option

On March 8, HUD published a final rule in the Federal Register to allow mortgagees to increase the maximum term of a loan modification from 360 to 480 months for FHA-insured mortgages after a borrower defaults. ...more

Ballard Spahr LLP

HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications

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The U.S. Department of Housing and Urban Development (HUD) recently issued a final rule extending the maximum term of an FHA loan modification from 30 to 40 years. The rule is effective May 8, 2023. HUD also issued Mortgagee...more

Orrick, Herrington & Sutcliffe LLP

FHA codifies SOFR for LIBOR-based ARMs

On March 1, FHA published a final rule in the Federal Register removing LIBOR as an approved index for adjustable-rate mortgages (ARMs) and replacing it with the Secured Overnight Financing Rate (SOFR) as the approved index...more

Bradley Arant Boult Cummings LLP

HUD Authorizes Acceptance of Private Flood Insurance for FHA-Insured Mortgages

Effective December 21, 2022, the Federal Housing Administration (FHA) amended its regulation at 24 C.F.R. § 203.16a to allow FHA borrowers to purchase private flood insurance for properties located in Special Flood Hazard...more

Ballard Spahr LLP

HUD Issues Final Rule Permitting Private Flood Insurance with FHA Loans

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The U.S. Department of Housing Urban Development (HUD) recently issued a final rule permitting the use of private flood insurance policies with FHA-insured mortgage loans. HUD also issued Mortgagee Letter 2022-18 addressing...more

Bradley Arant Boult Cummings LLP

HUD Issues Final Rule Redefining the Standard for Fair Housing Disparate Impact Discrimination Claims

On Sept. 3, the U.S. Department of Housing and Urban Development (HUD) issued its final rule on the implementation of the Fair Housing Act’s disparate impact standard. The Fair Housing Act (FHA) prohibits discrimination in...more

Bradley Arant Boult Cummings LLP

Federal District Court Stays Effective Date and Enjoins Enforcement of HUD’s Final Rule on the Fair Housing Act’s Disparate Impact...

On October 24, 2020, the U.S. Department of Housing and Urban Development’s (HUD) final rule on the implementation of the Fair Housing Act’s disparate impact standard was scheduled to become effective. That effective date was...more

Goodwin

SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures

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In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more

Ballard Spahr LLP

HUD issues final rule revising its FHA disparate impact standards to reflect SCOTUS Inclusive Communities decision

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On September 4, 2020, the Department of Housing and Urban Development (“HUD”) issued a final rule revising its 2013 Fair Housing Act (“FHA”) disparate impact standards (“2013 Rule”) to reflect the U.S. Supreme Court’s 2015...more

Bradley Arant Boult Cummings LLP

HUD Issues Final Rule on the Fair Housing Act’s Disparate Impact Standard

On September 3, 2020, the U.S. Department of Housing and Urban Development (HUD) issued its final rule on the implementation of the Fair Housing Act’s disparate impact standard. The Fair Housing Act (FHA) prohibits...more

Ballard Spahr LLP

PPP Lenders and Fraudulent Borrowers: False Claims Act Liability and AML Risk

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Can BSA/AML Requirements Lead to Deemed Knowledge of Borrower Fraud? The first two weeks of August brought a milestone of sorts in the ongoing recovery from the economic downturn brought on by the COVID-19 pandemic. The...more

Bradley Arant Boult Cummings LLP

HUD Publishes Final HECM Rule

Last year, the Federal Housing Administration (FHA) released a set of proposed rules affecting Home Equity Conversion Mortgages (HECMs) for notice and comment. After receiving 83 comments and responses, the Department of...more

Clark Hill PLC

HUD Issues Final Rule on Unlawful Hostile Environment and Quid Pro Quo Harassment

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On September 14, 2016, the Department of Housing and Urban Development ("HUD") issued a final rule, "Quid Pro Quo and Hostile Environment Harassment and Liability for Discriminatory Housing Practices under the Fair Housing...more

JD Supra Perspectives

Selected Risk Retention Questions and Answers for CMBS Securitizations

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On October 22, 2014, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, the Federal Housing...more

Manatt, Phelps & Phillips, LLP

Reporting for Duty: HMDA Regs Finalized

Why it matters Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

RMBS Suit Against WMC Mortgage LLC Dismissed as Time-Barred - On July 10, 2015, Judge Alvin Hellerstein of the Southern District of New York granted defendant WMC Mortgage LLC's motion for judgment on the pleadings in an...more

PilieroMazza PLLC

Weekly Update Newsletter - July 2015 #2

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GOVERNMENT CONTRACTS - Contractor Past Performance Assessment Report–3rd Quarter Fiscal Year 2015 - The Office of Federal Procurement Policy (OFPP) issued the contractor past performance assessment reporting for the...more

Ballard Spahr LLP

HUD issues final rule on Affirmatively Furthering Fair Housing

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HUD issued the final rule on Affirmatively Furthering Fair Housing (AFFH), which is poised to provide clear, actionable guidelines and data that will help HUD grantees achieve fair housing and equal opportunity goals. The...more

Ballard Spahr LLP

HUD Clarifies How Davis-Bacon Applies to Project-Based Voucher and RAD Programs

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The U.S. Department of Housing and Urban Development (HUD) recently published a new notice pertaining to the applicability of Davis-Bacon labor requirements to housing considered to be “existing” housing under the...more

Troutman Pepper

Summary of HUD’s LEAN 232 Program Email Blast: Office of Residential Care Facilities (ORCF) - December 2014

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In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Ballard Spahr LLP

CFPB QM cure and other mortgage rule amendments now effective; HUD nixes CFPB cure for FHA QM rule

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The CFPB’s final rule amending certain provisions of the 2013 Title XIV final mortgage rules which includes a post-consummation points and fees cure mechanism for qualified mortgage loans, became effective on Monday, November...more

Katten Muchin Rosenman LLP

Six Federal Agencies Jointly Approve Final Risk Retention Rule

Six federal agencies approved on October 22 a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall...more

Ballard Spahr LLP

Federal agencies adopt Dodd-Frank risk retention rule

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On October 22, 2014, six federal agencies adopted the final Credit Risk Retention Rule under Section 941 of the Dodd-Frank Act. The final rule will require sponsors of securitizations to retain an economic interest in the...more

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