USDA New Regulation, Technical Handbook and Respective Forms Published: 7 CFR Part 3555
On December 2, the U.S. Department of Agriculture (USDA) released a single family housing servicing update titled New Regulation, Technical Handbook and Respective Forms Published: 7 CFR Part 3555.
NEW REGULATION, TECHNICAL HANDBOOK AND RESPECTIVE FORMS PUBLISHED: 7 CFR Part 3555
On December 1, 2014 the 7 Code of Federal Regulations (CFR) Part 3555, “Single Family Housing Guaranteed Loan Program” (SFHGLP) became effective, replacing 7 CFR 1980 Subpart D. The Regulation, Technical Handbook, and respective Forms can be found at the USDA Rural Development’s Regulation and Guidance page.
7 CFR Part 3555 sets forth policies for the SFHGLP. It addresses the requirements of Section 502(h) of the Housing Act of 1949, as amended, and includes policies regarding the origination, servicing, holding and liquidation of SFHGLP loans.
All new loan applications received by USDA on or after December 1, 2014 are subject to the requirements of 7 CFR 3555.
Origination and Servicing training sessions have been recorded and can be found at
https://www.webcaster4.com/Webcast/ListenPage?companyId=694&webcastId=6596 and https://www.webcaster4.com/Webcast/ListenPage?companyId=694&webcastId=6630 respectively. Future training opportunities will be announced through electronic Listserv notifications.
Should you have any questions, please contact the Single Family Housing Guaranteed Loan Division at 202-720-1452 or the Centralized Servicing Center at 866-550-5887.
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