USDA Extending 7 CFR 3555 Rule Implementation
On August 19, the U.S. Department of Agriculture (USDA) released an update titled 7 CFR 3555 Rule Implementation Extended to December 1, 2014.
Link to prior reporting. Following is the aforementioned update.
7 CFR 3555 Rule Implementation Extended to December 1, 2014
Based on feedback we’ve received from many of our stakeholders, a notice will soon be published in the Federal Register deferring the scheduled implementation of the new regulation, 7 CFR 3555.
The rule, which previously was going to become effective on September 1, 2014, will now go into effect on December 1, 2014. The change in effective date will allow stakeholders in the mortgage industry to better incorporate procedure changes and receive more extensive training.
The interim final rule, published December 9, 2013, will replace the existing rule, 7 CFR 1980, Part D, when it becomes effective on December 1, 2014.
The Agency will continue to work with mortgage industry participants during this period. More information and training, including a comprehensive set of frequently asked questions (FAQs), will be provided on the USDA Lender Interactive Network Connection (LINC) website: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do.
Questions regarding this extension or deferment in effective date may be directed to the Single Family Housing Guaranteed Loan Division at 202.720.1452.
For Policy questions, please contact the Single Family Housing Guaranteed Loan
Division by dialing (202) 720-1452 or the Centralized Servicing Center by dialing
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