Single Family Housing Guaranteed Loan Program, 6773-6777 [2022-02467]
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Federal Register / Vol. 87, No. 25 / Monday, February 7, 2022 / Rules and Regulations
16. In § 3550.112, revise paragraphs
(a) introductory text, (a)(1), and (c) to
read as follows:
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§ 3550.112
Subpart E—Special Servicing
19. Revise § 3550.201 to read as
follows:
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Maximum loan and grant.
(a) Maximum loan permitted. The
sum of all outstanding section 504 loans
to one household for one dwelling may
not exceed an amount determined by
the Agency based on factors such as
average loan amounts and repair costs,
but no greater than twenty percent of
the national average area loan limit.
(1) Transferees who have assumed a
section 504 loan and wish to obtain a
subsequent section 504 loan are limited
to the difference between the unpaid
principal balance of the debt assumed
and the maximum loan permitted.
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(c) Maximum grant. The lifetime total
of the grant assistance to any one
household or one dwelling may not
exceed ten percent of the national
average area loan limit.
■ 17. In § 3550.113, revise paragraph (b)
to read as follows:
§ 3550.201
actions.
§ 3550.113
§ 3550.207
Rates and terms (loans only).
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(b) Loan term. The repayment period
for all section 504 loans will be 20
years.
Subpart D—Regular Servicing
18. In § 3550.162, revise paragraphs
(b)(1) introductory text and (b)(1)(ii) to
read as follows:
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§ 3550.162
Recapture.
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(b) * * *
(1) General. The amount to be
recaptured is determined by a
calculation specified in the borrower’s
subsidy repayment agreement and is
based on the borrower’s equity in the
property at the time of loan pay off. If
there is no equity based on the recapture
calculation, the amount of principal
reduction attributed to subsidy is not
collected. The recapture calculation
includes the amount of principal
reduction attributed to subsidy plus the
lesser of:
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(ii) A portion of the value
appreciation of the property subject to
recapture. In order for the value
appreciation to be calculated, the
borrower will provide a current
appraisal, including an appraisal for any
capital improvements, or arm’s length
sales contract as evidence of market
value upon Agency request. Appraisals
must meet Agency standards under
§ 3550.62.
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Purpose of special servicing
The Rural Housing Service (RHS) may
approve special servicing actions to
reduce the number of borrower failures
that result in liquidation. Borrowers
who have difficulty keeping their
accounts current may be eligible for one
or more available servicing options
including: Payment assistance;
delinquency workout agreements that
temporarily modify payment terms;
protective advances of funds for taxes,
insurance, and other approved costs;
and payment moratoriums. Subject to
the availability of funds and Agency
priorities, refinancing may be available
as a special servicing option in
accordance with § 3550.52(c).
■ 20. In § 3550.207, revise paragraphs
(b)(2) and (c) and remove paragraph (d).
The revisions read as follows:
Payment moratorium.
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(b) * * *
(2) At least 30 days before the
moratorium is scheduled to expire, the
borrower must provide financial
information needed to process the reamortization of the loan(s).
(c) Resumption of scheduled
payments. When the moratorium
expires or is cancelled, the loan will be
re-amortized to include the amount
deferred during the moratorium and the
borrower will be required to escrow. If
the new monthly payment, after
consideration of the maximum amount
of payment subsidy available to the
borrower, exceeds the borrower’s
repayment ability, all or part of the
interest that has accrued during the
moratorium may be forgiven so that the
new monthly payment optimizes both
affordability to the borrower as well as
the best interest of the Government.
Subpart F—Post-Servicing Actions
21. In § 3550.251:
a. Revise paragraphs (c)(4) and (5);
b. Remove paragraph (c)(6);
c. Revise paragraph (d)(2);
d. Remove paragraph (d)(3);
e. Redesignate paragraph (d)(4) as
(d)(3).
The revisions read as follows:
REO property is listed for sale, the
property will be reserved for sale to
eligible direct or guaranteed single
family housing very-low, low- or
moderate income applicants under this
part or part 3555 of this title, and for
sale or lease to nonprofit organizations
or public bodies providing transitional
housing and turnkey housing for tenants
of such transitional housing in
accordance with 42 U.S.C. 11408a.
Offers from eligible direct or guaranteed
single family housing applicants are
evaluated at the listed price, not the
offering price. Priority of offers received
the same day from eligible direct or
guaranteed single family housing
applicants will be given to applicants
qualifying for veterans’ preference, cash
offers from highest to lowest, then credit
offers from highest to lowest.
Acceptable offers of equal priority
received on the same business day are
selected by lot. After the expiration of
a reservation period, REO properties can
be bought by any buyer.
(5) Sale by sealed bid or auction. RHS
may authorize the sale of an REO
property by sealed bid or public auction
when it is in the best interest of the
Government.
(d) * * *
(2) RHS shall follow the standards
and procedures in 42 U.S.C. 11408a for
the sale or lease of an REO property to
a public agency or nonprofit
organization. The terms of the sale and
lease, and the entity seeking to purchase
or lease the REO property, must meet
the requirements in 42 U.S.C. 11408a.
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Joaquin Altoro,
Administrator, Rural Housing Service.
[FR Doc. 2022–02470 Filed 2–4–22; 8:45 am]
BILLING CODE 3410–XV–P
DEPARTMENT OF AGRICULTURE
Rural Housing Service
7 CFR Part 3555
[Docket No. RHS–20–SFH–0025]
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RIN 0575–AD21
§ 3550.251 Property management and
disposition.
SUMMARY:
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(c) * * *
(4) Sale of program REO properties.
For no less than 30 days after a program
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6773
Single Family Housing Guaranteed
Loan Program
Rural Housing Service, U.S.
Department of Agriculture (USDA).
ACTION: Final rule.
AGENCY:
The Rural Housing Service
(RHS or Agency), is implementing
changes to Single-Family Housing
Guaranteed Loan Program (SFHGLP) to
mandate the use of the Guaranteed
Underwriting System (GUS) and the
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Lender Loan Closing System (LLC) by
approved lenders. The Agency’s
mandated use of GUS in loan
originations and the LLC for loan
closings will allow the Agency to
decrease time-consuming and expensive
manual file reviews, improve
performance monitoring and reduce
program risk of the guaranteed loan
portfolio.
DATES: This final rule is effective May 9,
2022.
FOR FURTHER INFORMATION CONTACT:
Ticia Weare, Finance and Loan Analyst,
Single Family Housing Guaranteed Loan
Division, Rural Development, U.S.
Department of Agriculture, STOP 0784,
Room 2250, South Agriculture Building,
1400 Independence Avenue SW,
Washington, DC 20250–0784.
Telephone: (702) 407–1400 x6001; or
email: ticia.weare@usda.gov.
SUPPLEMENTARY INFORMATION:
Background
Rural Housing Service (RHS or
Agency) is an agency of the U.S.
Department of Agriculture. RHS is
issuing a final rule to amend the SingleFamily Housing Guaranteed Loan
Program (SFHGLP) regulations found in
7 CFR part 3555, subparts C and D, by
updating the regulations to align the
Agency’s program with the mortgage
industry expectations in the domain of
information technology.
In order to provide efficient and
timely delivery of the SFHGLP, it is
necessary to streamline the processing
of SFHGLP applications using
automation initiatives as much as
possible. The Agency is revising the
regulation to mandate that lenders
utilize GUS and the LLC systems for all
supported applications and loan closing
files. Mandatory use of GUS and the
LLC will allow uniformity in
application submissions, consistency in
the timely processing of loan requests
and will save time and administrative
costs for both lenders and the Agency by
eliminating the requirement for paper
file storage, shredding costs, and mail
with overnight courier fees.
GUS is compatible with the Loan
Origination Systems and Point of Sale
vendors that are widely accepted
throughout the industry. All SFHGLP
loan products are supported by GUS,
except for streamlined-assist refinance
transactions and select pilot programs.
Lenders will continue to submit
manually underwritten files for these
types of transactions by electronic
means approved by the Agency. These
loans are different from loans
downgraded in GUS for manual
underwriting—the downgraded loans
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will continue to be submitted via GUS
for a manual review. Mandatory use of
the automated underwriting system not
only offers ease to lenders when
uploading closing documents and
payment of the guarantee and
technology fees using the LLC, but
efficiently and effectively allows
Agency staff the capability to review
loan applications, increases lender’s
ability to transfer loans to program
investors, and lessens the timeframe for
underwriting and processing loan
approvals.
GUS is a robust automated system
that processes application requests and
provides specific loan closing data to
the lender and the Agency. It offers
added benefits to the lender’s decisionmaking process by producing
underwriting findings reports and
reliable credit data for managing
borrower risks.1 Expanded use of the
system will maximize the impact of core
agency programs and drive innovation
that will remove obstacles that delay
loan production.
This final rule will change how the
agency receives loan requests by
mandating the use of GUS for all
supported loan type submissions and
the LLC for all loan submissions.
Currently, the Agency allows approved
lenders to submit applications for loan
guarantee requests by mail, electronic
mail (email) or GUS.
Discussion of Public Comments
Received on January 19, 2021 Proposed
Rule
On November 17, 2020, RHS
published a proposed rule for comments
on the mandatory use of GUS for
SFHGLP (85 FR 73241). The Agency
received comments from eighteen
respondents including Banks, Credit
Unions, and other interested parties.
Specific public comments are addressed
below:
Comment: Two respondents’
comments were unrelated to the
proposed rule. One was an inquiry for
small business loan assistance and the
other, a business advertisement.
Agency Response: The Agency has
determined that no action is required.
Comment: Two respondents
commented that the benefit of the
proposed rule will improve efficiency
and effectiveness; however, they are
concerned with the elimination of
manual underwriting considering the
automated underwriting system may be
inadequate for certain credit risk
1 GUS is a tool that helps evaluate the credit risk
but does not replace the informed judgment of the
experienced underwriter’s decision and does not
serve the sole basis for making a final loan decision.
See 7 CFR 3555.107(b).
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scenarios and want to ensure an
accommodation is considered for these
scenarios.
Agency Response: The Agency has
determined that no action is required,
the manual underwriting process
remains unchanged for the following
GUS recommendations of ‘‘Refer, Refer
with Caution’’.
Comment: Eight respondents
commented they are concerned that the
requirement for all lenders to submit
requests through GUS would eliminate
manual underwriting for submissions
that receive a GUS recommendation of
‘‘Refer or Refer with Caution’’. In
addition, applicants without a credit
score may be unable to apply.
Agency Response: The use of alternate
credit and the manual underwriting
process remains unchanged for the
following GUS recommendations: Refer,
Refer with Caution. The Agency has
provided clarification in
§ 3555.107(c)(1) and § 3555.107(c)(2), by
adding language explaining loans with
GUS recommendations of ‘‘Refer and
Refer with Caution’’ will continue to be
manually underwritten. Clarification
was added to § 3555.107(i)(4),
explaining all closed loans including
manual submissions are required to use
Rural Development’s automated
systems.
Comment: Four respondents
commented in favor of the proposed
rule and indicate the rule will create a
positive impact on consistency and
efficiency.
Agency Response: The Agency has
determined that no action is required.
Comment: Two respondents
commented in opposition to the
proposed rule, one citing a possible
adverse impact on smaller lenders with
limited resources who rely on manual
submissions and the other cited
concerns over accuracy of the data input
as well as an economic impact the
proposed rule may have.
Agency Response: The Agency has
determined that no action is required.
The Agency does not anticipate a barrier
to program participation and offers two
opportunities to participate: (1) Through
a connection with the lender’s point of
sale or loan origination system, (2)
entering loan application information
directly into GUS. GUS is available to
all approved lenders with
eAuthentication credentials. The
Agency has an established process for
lenders to obtain eAuthentication
credentials online that is free, easy, and
does not create a burden to the lender.
It is anticipated that the rule will
provide more consistent and timely
reviews which will benefit all lenders
including small lenders.
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Summary of Changes to Rule
A summary of the changes includes
amending 7 CFR 3555.107(b)
introductory text and (b)(1), (3),and (6),
to reflect that the use of the Agency’s
automated underwriting system will be
required for all supported submissions
by alternate means, such as email or
hard copy, will not be permitted and
therefore the Agency will eliminate
references to such submission methods.
This final rule also amends
§ 3555.107(c) and add paragraphs (c)(1)
and (2) to describe the two types of
loans that will continue to be manually
underwritten. First, loan products not
supported by the automated origination
system, such as streamlined-assist
refinance transactions and select pilot
programs, must be manually
underwritten and submitted via secure
email or other electronic means
approved by the Agency. Second, loans
downgraded in the Agency’s automated
origination system require manual
underwriting, although lenders will
continue to submit the loan
documentation via the Agency’s
automated systems.
Concurrently, § 3555.107(i)(4) will be
amended to require all loan closing
documentation to be submitted via the
Agency’s automated systems.
Regulations § 3555.151(h)(2) will also
be amended to clarify procedures for
manually underwritten loans. The loan
files for manually underwritten loans
will continue to be submitted through
the automated underwriting system but
require full documentation review, and
credit score validation or compensating
factors.
Statutory Authority
Section 510(k) of Title V the Housing
Act of 1949 (42 U.S.C. 1480(k)), as
amended, authorizes the Secretary of
the Department of Agriculture to
promulgate rules and regulations as
deemed necessary to carry out the
purpose of that title.
Executive Orders and Acts
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Executive Order 12866, Classification
This rule has been determined to be
not significant for the purposes of
Executive Order 12866 and, therefore,
has not been reviewed by the Office of
Management and Budget (OMB).
Executive Order 12988, Civil Justice
Reform
This rule has been reviewed under
Executive Order 12988. In accordance
with this rule: (1) Unless otherwise
specifically provided, all state and local
laws that conflict with this rule will be
preempted; (2) no retroactive effect will
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be given to this rule except as
specifically prescribed in the rule; and
(3) administrative proceedings of the
National Appeals Division of the
Department of Agriculture (7 CFR part
11) must be exhausted before bringing
suit in court that challenges action taken
under this rule.
Unfunded Mandates Reform Act
Title II of the Unfunded Mandates
Reform Act of 1995 (UMRA), Public
Law 104–4, establishes requirements for
Federal agencies to assess the effect of
their regulatory actions on state, local,
and tribal governments, and the private
sector. Under section 202 of the UMRA,
the Agency generally must prepare a
written statement, including a costbenefit analysis, for proposed and final
rules with ‘‘Federal mandates’’ that may
result in expenditures to state, local, or
tribal governments, in the aggregate, or
to the private sector, of $100 million, or
more, in any one year. When such a
statement is needed for a rule, section
205 of the UMRA generally requires the
Agency to identify and consider a
reasonable number of regulatory
alternatives and adopt the least costly,
most cost-effective, or least burdensome
alternative that achieves the objectives
of the rule.
This rule contains no Federal
mandates (under the regulatory
provisions of Title II of the UMRA) for
state, local, and tribal governments, or
the private sector. Therefore, this rule is
not subject to the requirements of
sections 202 and 205 of the UMRA.
National Environmental Policy Act
In accordance with the National
Environmental Policy Act of 1969,
Public Law 91–190, this final rule has
been reviewed in accordance with 7
CFR part 1970 (‘‘Environmental Policies
and Procedures’’). The Agency has
determined that (i) this action meets the
criteria established in 7 CFR 1970.53(f);
(ii) no extraordinary circumstances
exist; and (iii) the action is not
‘‘connected’’ to other actions with
potentially significant impacts, is not
considered a ‘‘cumulative action’’ and is
not precluded by 40 CFR 1506.1.
Therefore, the Agency has determined
that the action does not have a
significant effect on the human
environment, and therefore neither an
Environmental Assessment nor an
Environmental Impact Statement is
required.
Executive Order 13132, Federalism
The policies contained in this rule do
not have any substantial direct effect on
States, on the relationship between the
National Government and States, or on
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6775
the distribution of power and
responsibilities among the various
levels of government. Nor does this final
rule impose substantial direct
compliance costs on state and local
governments. Therefore, consultation
with the States is not required.
Regulatory Flexibility Act
The final rule has been reviewed with
regard to the requirements of the
Regulatory Flexibility Act (5 U.S.C.
601–612). The undersigned has
determined and certified by signature
on this document that this final rule
will not have a significant economic
impact on a substantial number of small
entities since this rulemaking action
does not involve a new or expanded
program nor does it require any more
action on the part of a small business
than required of a large entity.
Executive Order 12372,
Intergovernmental Review of Federal
Programs
This program is not subject to the
requirements of Executive Order 12372,
‘‘Intergovernmental Review of Federal
Programs,’’ as implemented under
USDA’s regulations at 7 CFR part 3015.
Executive Order 13175, Consultation
and Coordination With Indian Tribal
Governments
This Executive order imposes
requirements on RHS in the
development of regulatory policies that
have tribal implications or preempt
tribal laws. RHS has determined that the
final rule does not have a substantial
direct effect on one or more Indian
tribe(s) or on either the relationship or
the distribution of powers and
responsibilities between the Federal
Government and Indian tribes. Thus,
this final rule is not subject to the
requirements of Executive Order 13175.
If tribal leaders are interested in
consulting with RHS on this final rule,
they are encouraged to contact USDA’s
Office of Tribal Relations or RD’s Native
American Coordinator at: AIAN@
usda.gov to request such a consultation.
Programs Affected
The program affected by this final rule
is listed in the Assistance Listing
Number 10.410, Very Low to Moderate
Income Housing Loans (Section 502
Rural Housing Loans).
Paperwork Reduction Act
This final rule contains no new
reporting or recordkeeping burdens
under OMB control number 0575–0179
that would require approval under the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35).
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Civil Rights Impact Analysis
Rural Development has reviewed this
final rule in accordance with USDA
Regulation 4300–4, ‘‘Civil Rights Impact
Analysis,’’ to identify any major civil
rights impacts the rule might have on
program participants on the basis of age,
race, color, national origin, sex,
disability, marital or familial status.
Based on the review and analysis of the
rule and all available data, issuance of
this final rule is not likely to negatively
impact low and moderate-income
populations, minority populations,
women, Indian tribes or persons with
disability, by virtue of their age, race,
color, national origin, sex, disability, or
marital or familial status.
E-Government Act Compliance
Rural Development is committed to
the E-Government Act, which requires
Government agencies in general to
provide the public the option of
submitting information or transacting
business electronically to the maximum
extent possible.
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USDA Non-Discrimination Policy
In accordance with Federal civil
rights laws and U.S. Department of
Agriculture (USDA) civil rights
regulations and policies, the USDA, its
Mission Areas, agencies, staff offices,
employees, and institutions
participating in or administering USDA
programs are prohibited from
discriminating based on race, color,
national origin, religion, sex, gender
identity (including gender expression),
sexual orientation, disability, age,
marital status, family/parental status,
income derived from a public assistance
program, political beliefs, or reprisal or
retaliation for prior civil rights activity,
in any program or activity conducted or
funded by USDA (not all bases apply to
all programs). Remedies and complaint
filing deadlines vary by program or
incident.
Program information may be made
available in languages other than
English. Persons with disabilities who
require alternative means of
communication to obtain program
information (e.g., Braille, large print,
audiotape, American Sign Language)
should contact the responsible Mission
Area, agency, or staff office; the USDA
TARGET Center at (202) 720–2600
(voice and TTY); or the Federal Relay
Service at (800) 877–8339.
To file a program discrimination
complaint, a complainant should
complete a Form AD–3027, USDA
Program Discrimination Complaint
Form, which can be obtained online at
https://www.ocio.usda.gov/document/
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ad-3027, from any USDA office, by
calling (866) 632–9992, or by writing a
letter addressed to USDA. The letter
must contain the complainant’s name,
address, telephone number, and a
written description of the alleged
discriminatory action in sufficient detail
to inform the Assistant Secretary for
Civil Rights (ASCR) about the nature
and date of an alleged civil rights
violation. The completed AD–3027 form
or letter must be submitted to USDA by:
(1) Mail: U.S. Department of
Agriculture, Office of the Assistant
Secretary for Civil Rights, 1400
Independence Avenue SW, Washington,
DC 20250–9410; or
(2) Fax: (833) 256–1665 or (202) 690–
7442; or
(3) Email: program.intake@usda.gov.
USDA is an equal opportunity
provider, employer, and lender.
List of Subjects in 7 CFR Part 3555
Construction, Eligible loan purpose,
Home improvement, Loan programs—
housing and community development,
Loan terms, Mortgage insurance,
Mortgages, Rural areas.
For the reasons discussed in the
preamble, the Agency is amending 7
CFR part 3555 as follows:
PART 3555—GUARANTEED RURAL
HOUSING PROGRAM
1. The authority citation for part 3555
continues to read as follows:
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Authority: 5 U.S.C. 301; 42 U.S.C. 1471 et
seq.
Subpart C—Loan Requirements
2. Amend § 3555.107 by revising
paragraphs (b) introductory text, (b)(1),
(3), and (6), (c), and (i)(4) to read as
follows:
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§ 3555.107 Applications for and issuance
of the loan guarantee.
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(b) Automated underwriting.
Approved lenders are required to
process SFHGLP loans using Rural
Development’s automated systems. The
automated underwriting system is a tool
to help evaluate credit risk but does not
substitute or replace the careful
judgment of experienced underwriters
and shall not be the exclusive
determination on extending credit. The
lender must apply for and receive
approval from Rural Development to
utilize the automated underwriting
system. Rural Development reserves the
right to terminate the lender’s use of the
automated underwriting system.
(1) Lenders are responsible for
ensuring all data is true and accurately
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represented in the automated
underwriting system.
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(3) The use of Rural Development’s
automated underwriting system subjects
the lender to indemnification
requirements in accordance with
§ 3555.108.
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(6) Lenders will validate findings
based on the output report of the
automated underwriting system.
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(c) Manual underwriting. Loans
requiring manual underwriting
(manually underwritten loans) are
described in paragraphs (c)(1) and (2) of
this section. For manually underwritten
loans, full documentation, and
verification in accordance with subparts
C, D, and E of this part will be
submitted to Rural Development when
requesting a guarantee and maintained
in the lender’s file. The documentation
will confirm the applicant’s eligibility,
creditworthiness, repayment ability,
eligible loan purpose, adequate
collateral, and satisfaction of other
regulatory requirements. The following
types of loans require manual
underwriting:
(1) Loans downgraded by Rural
Development’s automated system. These
loans are manually underwritten by the
lender and submitted utilizing Rural
Development’s automated system.
(2) Loans that are not supported by
Rural Development’s automated
systems. These loans are manually
underwritten by the lender and
submitted by secure email or other
electronic means approved by the
Agency.
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(i)* * *
(4) For all loan submissions, evidence
of documentation supporting the
properly closed loan will be submitted
using Rural Development’s automated
systems.
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Subpart D—Underwriting the Applicant
3. Amend § 3555.151 by revising
paragraph (h)(2) introductory text to
read as follows:
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§ 3555.151
Eligibility requirements.
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(h) * * *
(2) The repayment ratio may exceed
the percentage in paragraph (h)(1) of
this section when certain compensating
factors exist. The handbook, HB–1–
3555, Appendix I, located at https://
www.rd.usda.gov/sites/default/files/hb1-3555.pdf, will provide examples of
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when a debt ratio waiver may be
granted. The automated underwriting
system will consider any compensating
factors in determining when the
variance is appropriate. Loans
downgraded in the automated
underwriting system which must be
manually underwritten will require the
lender to document compensating
factors. The presence of compensating
factors does not strengthen a ratio
exception when multiple layers of risk
are present in the application.
Acceptable compensating factors,
supporting documentation, and
maximum ratio thresholds, will be
further defined and clarified in the
handbook. Compensating factors
include but are not limited to:
*
*
*
*
*
Joaquin Altoro,
Administrator, Rural Housing Service.
Examining the AD Docket
[FR Doc. 2022–02467 Filed 2–4–22; 8:45 am]
BILLING CODE 3410–XV–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
14 CFR Part 39
[Docket No. FAA–2021–0791; Project
Identifier AD–2021–00716–E; Amendment
39–21881; AD 2021–26–22]
RIN 2120–AA64
Airworthiness Directives; General
Electric Company Turbofan Engines
Federal Aviation
Administration (FAA), DOT.
ACTION: Final rule.
AGENCY:
The FAA is superseding
Airworthiness Directive (AD) 2020–20–
13 for certain General Electric Company
(GE) CF6–80A and CF6–80C model
turbofan engines. AD 2020–20–13
required ultrasonic inspection (UI) of
high-pressure turbine (HPT) stage 1 and
stage 2 disks and replacement of any
HPT stage 1 or stage 2 disk that fails the
inspection. This AD was prompted by
an uncontained failure of an HPT stage
2 disk and the manufacturer’s
subsequent determination to expand the
population of affected HPT disks
requiring UI inspection. This AD
requires UI of HPT stage 1 and stage 2
disks and replacement of any HPT stage
1 or stage 2 disk that fails the
inspection. This AD also expands the
applicability to include an additional
population of affected HPT stage 1 and
2 disks requiring UI inspection. The
FAA is issuing this AD to address the
unsafe condition on these products.
jspears on DSK121TN23PROD with RULES1
SUMMARY:
VerDate Sep<11>2014
16:16 Feb 04, 2022
Jkt 256001
This AD is effective March 14,
2022.
The Director of the Federal Register
approved the incorporation by reference
of certain publications listed in this AD
as of March 14, 2022.
ADDRESSES: For service information
identified in this final rule, contact
General Electric Company, 1 Neumann
Way, Cincinnati, OH 45215; phone:
(513) 552–3272; email:
aviation.fleetsupport@ge.com; website:
www.ge.com. You may view this service
information at the Airworthiness
Products Section, Operational Safety
Branch, FAA, 1200 District Avenue,
Burlington, MA 01803. For information
on the availability of this material at the
FAA, call (817) 222–5110. It is also
available at https://www.regulations.gov
by searching for and locating Docket No.
FAA–2021–0791.
DATES:
You may examine the AD docket at
https://www.regulations.gov by
searching for and locating Docket No.
FAA–2021–0791; or in person at Docket
Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal
holidays. The AD docket contains this
final rule, any comments received, and
other information. The address for
Docket Operations is U.S. Department of
Transportation, Docket Operations, M–
30, West Building Ground Floor, Room
W12–140, 1200 New Jersey Avenue SE,
Washington, DC 20590.
FOR FURTHER INFORMATION CONTACT:
Sungmo Cho, Aviation Safety Engineer,
ECO Branch, FAA, 1200 District
Avenue, Burlington, MA 01803; phone:
(781) 238–7241; fax: (781) 238–7199;
email: Sungmo.D.Cho@faa.gov.
SUPPLEMENTARY INFORMATION:
Background
The FAA issued a notice of proposed
rulemaking (NPRM) to amend 14 CFR
part 39 to supersede AD 2020–20–13,
Amendment 39–21269 (85 FR 63193,
October 7, 2020), (AD 2020–20–13). AD
2020–20–13 applied to certain GE CF6–
80A, CF6–80A1, CF6–80A2, CF6–80A3,
CF6–80C2A1, CF6–80C2A2, CF6–
80C2A3, CF6–80C2A5, CF6–80C2A5F,
CF6–80C2A8, CF6–80C2B1, CF6–
80C2B1F, CF6–80C2B2, CF6–80C2B2F,
CF6–80C2B4, CF6–80C2B4F, CF6–
80C2B5F, CF6–80C2B6, CF6–80C2B6F,
CF6–80C2B6FA, CF6–80C2B7F, CF6–
80C2D1F, CF6–80C2L1F, and CF6–
80C2K1F model turbofan engines. The
NPRM published in the Federal
Register on October 6, 2021 (86 FR
55545). The NPRM was prompted by an
uncontained failure of an HPT stage 2
disk and the manufacturer’s
PO 00000
Frm 00017
Fmt 4700
Sfmt 4700
6777
determination to expand the population
of affected HPT disks requiring UI
inspection. After the FAA issued AD
2020–20–13, the manufacturer
discovered an error in the service
information and determined that the
requirement to perform UI of affected
HPT stage 1 and 2 disks should be
expanded to include an additional
population of HPT stage 1 and stage 2
disks. GE, therefore, revised its service
information to include the additional
affected HPT stage 1 and stage 2 disks.
In the NPRM, the FAA proposed to
continue to require UI of HPT stage 1
and stage 2 disks and replacement of
any HPT stage 1 or stage 2 disk that fails
the inspection. In the NPRM, the FAA
also proposed to expand the
applicability to include an additional
population of affected HPT stage 1 and
2 disks.
Discussion of Final Airworthiness
Directive
Comments
The FAA received comments from
two commenters. Commenters included
the Air Line Pilots Association,
International and FedEx Express. All
commenters supported the NPRM
without change.
Conclusion
The FAA reviewed the relevant data,
considered the comments received, and
determined that air safety requires
adopting the AD as proposed.
Accordingly, the FAA is issuing this AD
to address the unsafe condition on these
products. Except for minor editorial
changes, this AD is adopted as proposed
in the NPRM. None of the changes will
increase the economic burden on any
operator.
Related Service Information Under 1
CFR Part 51
The FAA reviewed GE CF6–80C
Service Bulletin (SB) 72–1562 R05,
dated March 19, 2021. This SB specifies
procedures for UI of CF6–80C2 turbofan
engine HPT stage 1 and 2 disks. The
FAA also reviewed GE CF6–80A SB 72–
0869 R03, dated March 19, 2021. This
SB specifies procedures for UI of CF6–
80A turbofan engine HPT stage 2 disks.
These documents are distinct since they
apply to different engine models. This
service information is reasonably
available because the interested parties
have access to it through their normal
course of business or by the means
identified in ADDRESSES.
E:\FR\FM\07FER1.SGM
07FER1
]]>Agencies
[Federal Register Volume 87, Number 25 (Monday, February 7, 2022)]
[Rules and Regulations]
[Pages 6773-6777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-02467]
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Rural Housing Service
7 CFR Part 3555
[Docket No. RHS-20-SFH-0025]
RIN 0575-AD21
Single Family Housing Guaranteed Loan Program
AGENCY: Rural Housing Service, U.S. Department of Agriculture (USDA).
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Rural Housing Service (RHS or Agency), is implementing
changes to Single-Family Housing Guaranteed Loan Program (SFHGLP) to
mandate the use of the Guaranteed Underwriting System (GUS) and the
[[Page 6774]]
Lender Loan Closing System (LLC) by approved lenders. The Agency's
mandated use of GUS in loan originations and the LLC for loan closings
will allow the Agency to decrease time-consuming and expensive manual
file reviews, improve performance monitoring and reduce program risk of
the guaranteed loan portfolio.
DATES: This final rule is effective May 9, 2022.
FOR FURTHER INFORMATION CONTACT: Ticia Weare, Finance and Loan Analyst,
Single Family Housing Guaranteed Loan Division, Rural Development, U.S.
Department of Agriculture, STOP 0784, Room 2250, South Agriculture
Building, 1400 Independence Avenue SW, Washington, DC 20250-0784.
Telephone: (702) 407-1400 x6001; or email: [email protected].
SUPPLEMENTARY INFORMATION:
Background
Rural Housing Service (RHS or Agency) is an agency of the U.S.
Department of Agriculture. RHS is issuing a final rule to amend the
Single-Family Housing Guaranteed Loan Program (SFHGLP) regulations
found in 7 CFR part 3555, subparts C and D, by updating the regulations
to align the Agency's program with the mortgage industry expectations
in the domain of information technology.
In order to provide efficient and timely delivery of the SFHGLP, it
is necessary to streamline the processing of SFHGLP applications using
automation initiatives as much as possible. The Agency is revising the
regulation to mandate that lenders utilize GUS and the LLC systems for
all supported applications and loan closing files. Mandatory use of GUS
and the LLC will allow uniformity in application submissions,
consistency in the timely processing of loan requests and will save
time and administrative costs for both lenders and the Agency by
eliminating the requirement for paper file storage, shredding costs,
and mail with overnight courier fees.
GUS is compatible with the Loan Origination Systems and Point of
Sale vendors that are widely accepted throughout the industry. All
SFHGLP loan products are supported by GUS, except for streamlined-
assist refinance transactions and select pilot programs. Lenders will
continue to submit manually underwritten files for these types of
transactions by electronic means approved by the Agency. These loans
are different from loans downgraded in GUS for manual underwriting--the
downgraded loans will continue to be submitted via GUS for a manual
review. Mandatory use of the automated underwriting system not only
offers ease to lenders when uploading closing documents and payment of
the guarantee and technology fees using the LLC, but efficiently and
effectively allows Agency staff the capability to review loan
applications, increases lender's ability to transfer loans to program
investors, and lessens the timeframe for underwriting and processing
loan approvals.
GUS is a robust automated system that processes application
requests and provides specific loan closing data to the lender and the
Agency. It offers added benefits to the lender's decision-making
process by producing underwriting findings reports and reliable credit
data for managing borrower risks.\1\ Expanded use of the system will
maximize the impact of core agency programs and drive innovation that
will remove obstacles that delay loan production.
---------------------------------------------------------------------------
\1\ GUS is a tool that helps evaluate the credit risk but does
not replace the informed judgment of the experienced underwriter's
decision and does not serve the sole basis for making a final loan
decision. See 7 CFR 3555.107(b).
---------------------------------------------------------------------------
This final rule will change how the agency receives loan requests
by mandating the use of GUS for all supported loan type submissions and
the LLC for all loan submissions. Currently, the Agency allows approved
lenders to submit applications for loan guarantee requests by mail,
electronic mail (email) or GUS.
Discussion of Public Comments Received on January 19, 2021 Proposed
Rule
On November 17, 2020, RHS published a proposed rule for comments on
the mandatory use of GUS for SFHGLP (85 FR 73241). The Agency received
comments from eighteen respondents including Banks, Credit Unions, and
other interested parties. Specific public comments are addressed below:
Comment: Two respondents' comments were unrelated to the proposed
rule. One was an inquiry for small business loan assistance and the
other, a business advertisement.
Agency Response: The Agency has determined that no action is
required.
Comment: Two respondents commented that the benefit of the proposed
rule will improve efficiency and effectiveness; however, they are
concerned with the elimination of manual underwriting considering the
automated underwriting system may be inadequate for certain credit risk
scenarios and want to ensure an accommodation is considered for these
scenarios.
Agency Response: The Agency has determined that no action is
required, the manual underwriting process remains unchanged for the
following GUS recommendations of ``Refer, Refer with Caution''.
Comment: Eight respondents commented they are concerned that the
requirement for all lenders to submit requests through GUS would
eliminate manual underwriting for submissions that receive a GUS
recommendation of ``Refer or Refer with Caution''. In addition,
applicants without a credit score may be unable to apply.
Agency Response: The use of alternate credit and the manual
underwriting process remains unchanged for the following GUS
recommendations: Refer, Refer with Caution. The Agency has provided
clarification in Sec. 3555.107(c)(1) and Sec. 3555.107(c)(2), by
adding language explaining loans with GUS recommendations of ``Refer
and Refer with Caution'' will continue to be manually underwritten.
Clarification was added to Sec. 3555.107(i)(4), explaining all closed
loans including manual submissions are required to use Rural
Development's automated systems.
Comment: Four respondents commented in favor of the proposed rule
and indicate the rule will create a positive impact on consistency and
efficiency.
Agency Response: The Agency has determined that no action is
required.
Comment: Two respondents commented in opposition to the proposed
rule, one citing a possible adverse impact on smaller lenders with
limited resources who rely on manual submissions and the other cited
concerns over accuracy of the data input as well as an economic impact
the proposed rule may have.
Agency Response: The Agency has determined that no action is
required. The Agency does not anticipate a barrier to program
participation and offers two opportunities to participate: (1) Through
a connection with the lender's point of sale or loan origination
system, (2) entering loan application information directly into GUS.
GUS is available to all approved lenders with eAuthentication
credentials. The Agency has an established process for lenders to
obtain eAuthentication credentials online that is free, easy, and does
not create a burden to the lender. It is anticipated that the rule will
provide more consistent and timely reviews which will benefit all
lenders including small lenders.
[[Page 6775]]
Summary of Changes to Rule
A summary of the changes includes amending 7 CFR 3555.107(b)
introductory text and (b)(1), (3),and (6), to reflect that the use of
the Agency's automated underwriting system will be required for all
supported submissions by alternate means, such as email or hard copy,
will not be permitted and therefore the Agency will eliminate
references to such submission methods.
This final rule also amends Sec. 3555.107(c) and add paragraphs
(c)(1) and (2) to describe the two types of loans that will continue to
be manually underwritten. First, loan products not supported by the
automated origination system, such as streamlined-assist refinance
transactions and select pilot programs, must be manually underwritten
and submitted via secure email or other electronic means approved by
the Agency. Second, loans downgraded in the Agency's automated
origination system require manual underwriting, although lenders will
continue to submit the loan documentation via the Agency's automated
systems.
Concurrently, Sec. 3555.107(i)(4) will be amended to require all
loan closing documentation to be submitted via the Agency's automated
systems.
Regulations Sec. 3555.151(h)(2) will also be amended to clarify
procedures for manually underwritten loans. The loan files for manually
underwritten loans will continue to be submitted through the automated
underwriting system but require full documentation review, and credit
score validation or compensating factors.
Statutory Authority
Section 510(k) of Title V the Housing Act of 1949 (42 U.S.C.
1480(k)), as amended, authorizes the Secretary of the Department of
Agriculture to promulgate rules and regulations as deemed necessary to
carry out the purpose of that title.
Executive Orders and Acts
Executive Order 12866, Classification
This rule has been determined to be not significant for the
purposes of Executive Order 12866 and, therefore, has not been reviewed
by the Office of Management and Budget (OMB).
Executive Order 12988, Civil Justice Reform
This rule has been reviewed under Executive Order 12988. In
accordance with this rule: (1) Unless otherwise specifically provided,
all state and local laws that conflict with this rule will be
preempted; (2) no retroactive effect will be given to this rule except
as specifically prescribed in the rule; and (3) administrative
proceedings of the National Appeals Division of the Department of
Agriculture (7 CFR part 11) must be exhausted before bringing suit in
court that challenges action taken under this rule.
Unfunded Mandates Reform Act
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA), Public
Law 104-4, establishes requirements for Federal agencies to assess the
effect of their regulatory actions on state, local, and tribal
governments, and the private sector. Under section 202 of the UMRA, the
Agency generally must prepare a written statement, including a cost-
benefit analysis, for proposed and final rules with ``Federal
mandates'' that may result in expenditures to state, local, or tribal
governments, in the aggregate, or to the private sector, of $100
million, or more, in any one year. When such a statement is needed for
a rule, section 205 of the UMRA generally requires the Agency to
identify and consider a reasonable number of regulatory alternatives
and adopt the least costly, most cost-effective, or least burdensome
alternative that achieves the objectives of the rule.
This rule contains no Federal mandates (under the regulatory
provisions of Title II of the UMRA) for state, local, and tribal
governments, or the private sector. Therefore, this rule is not subject
to the requirements of sections 202 and 205 of the UMRA.
National Environmental Policy Act
In accordance with the National Environmental Policy Act of 1969,
Public Law 91-190, this final rule has been reviewed in accordance with
7 CFR part 1970 (``Environmental Policies and Procedures''). The Agency
has determined that (i) this action meets the criteria established in 7
CFR 1970.53(f); (ii) no extraordinary circumstances exist; and (iii)
the action is not ``connected'' to other actions with potentially
significant impacts, is not considered a ``cumulative action'' and is
not precluded by 40 CFR 1506.1. Therefore, the Agency has determined
that the action does not have a significant effect on the human
environment, and therefore neither an Environmental Assessment nor an
Environmental Impact Statement is required.
Executive Order 13132, Federalism
The policies contained in this rule do not have any substantial
direct effect on States, on the relationship between the National
Government and States, or on the distribution of power and
responsibilities among the various levels of government. Nor does this
final rule impose substantial direct compliance costs on state and
local governments. Therefore, consultation with the States is not
required.
Regulatory Flexibility Act
The final rule has been reviewed with regard to the requirements of
the Regulatory Flexibility Act (5 U.S.C. 601-612). The undersigned has
determined and certified by signature on this document that this final
rule will not have a significant economic impact on a substantial
number of small entities since this rulemaking action does not involve
a new or expanded program nor does it require any more action on the
part of a small business than required of a large entity.
Executive Order 12372, Intergovernmental Review of Federal Programs
This program is not subject to the requirements of Executive Order
12372, ``Intergovernmental Review of Federal Programs,'' as implemented
under USDA's regulations at 7 CFR part 3015.
Executive Order 13175, Consultation and Coordination With Indian Tribal
Governments
This Executive order imposes requirements on RHS in the development
of regulatory policies that have tribal implications or preempt tribal
laws. RHS has determined that the final rule does not have a
substantial direct effect on one or more Indian tribe(s) or on either
the relationship or the distribution of powers and responsibilities
between the Federal Government and Indian tribes. Thus, this final rule
is not subject to the requirements of Executive Order 13175. If tribal
leaders are interested in consulting with RHS on this final rule, they
are encouraged to contact USDA's Office of Tribal Relations or RD's
Native American Coordinator at: [email protected] to request such a
consultation.
Programs Affected
The program affected by this final rule is listed in the Assistance
Listing Number 10.410, Very Low to Moderate Income Housing Loans
(Section 502 Rural Housing Loans).
Paperwork Reduction Act
This final rule contains no new reporting or recordkeeping burdens
under OMB control number 0575-0179 that would require approval under
the Paperwork Reduction Act of 1995 (44 U.S.C. Chapter 35).
[[Page 6776]]
Civil Rights Impact Analysis
Rural Development has reviewed this final rule in accordance with
USDA Regulation 4300-4, ``Civil Rights Impact Analysis,'' to identify
any major civil rights impacts the rule might have on program
participants on the basis of age, race, color, national origin, sex,
disability, marital or familial status. Based on the review and
analysis of the rule and all available data, issuance of this final
rule is not likely to negatively impact low and moderate-income
populations, minority populations, women, Indian tribes or persons with
disability, by virtue of their age, race, color, national origin, sex,
disability, or marital or familial status.
E-Government Act Compliance
Rural Development is committed to the E-Government Act, which
requires Government agencies in general to provide the public the
option of submitting information or transacting business electronically
to the maximum extent possible.
USDA Non-Discrimination Policy
In accordance with Federal civil rights laws and U.S. Department of
Agriculture (USDA) civil rights regulations and policies, the USDA, its
Mission Areas, agencies, staff offices, employees, and institutions
participating in or administering USDA programs are prohibited from
discriminating based on race, color, national origin, religion, sex,
gender identity (including gender expression), sexual orientation,
disability, age, marital status, family/parental status, income derived
from a public assistance program, political beliefs, or reprisal or
retaliation for prior civil rights activity, in any program or activity
conducted or funded by USDA (not all bases apply to all programs).
Remedies and complaint filing deadlines vary by program or incident.
Program information may be made available in languages other than
English. Persons with disabilities who require alternative means of
communication to obtain program information (e.g., Braille, large
print, audiotape, American Sign Language) should contact the
responsible Mission Area, agency, or staff office; the USDA TARGET
Center at (202) 720-2600 (voice and TTY); or the Federal Relay Service
at (800) 877-8339.
To file a program discrimination complaint, a complainant should
complete a Form AD-3027, USDA Program Discrimination Complaint Form,
which can be obtained online at https://www.ocio.usda.gov/document/ad-3027, from any USDA office, by calling (866) 632-9992, or by writing a
letter addressed to USDA. The letter must contain the complainant's
name, address, telephone number, and a written description of the
alleged discriminatory action in sufficient detail to inform the
Assistant Secretary for Civil Rights (ASCR) about the nature and date
of an alleged civil rights violation. The completed AD-3027 form or
letter must be submitted to USDA by:
(1) Mail: U.S. Department of Agriculture, Office of the Assistant
Secretary for Civil Rights, 1400 Independence Avenue SW, Washington, DC
20250-9410; or
(2) Fax: (833) 256-1665 or (202) 690-7442; or
(3) Email: [email protected].
USDA is an equal opportunity provider, employer, and lender.
List of Subjects in 7 CFR Part 3555
Construction, Eligible loan purpose, Home improvement, Loan
programs--housing and community development, Loan terms, Mortgage
insurance, Mortgages, Rural areas.
For the reasons discussed in the preamble, the Agency is amending 7
CFR part 3555 as follows:
PART 3555--GUARANTEED RURAL HOUSING PROGRAM
0
1. The authority citation for part 3555 continues to read as follows:
Authority: 5 U.S.C. 301; 42 U.S.C. 1471 et seq.
Subpart C--Loan Requirements
0
2. Amend Sec. 3555.107 by revising paragraphs (b) introductory text,
(b)(1), (3), and (6), (c), and (i)(4) to read as follows:
Sec. 3555.107 Applications for and issuance of the loan guarantee.
* * * * *
(b) Automated underwriting. Approved lenders are required to
process SFHGLP loans using Rural Development's automated systems. The
automated underwriting system is a tool to help evaluate credit risk
but does not substitute or replace the careful judgment of experienced
underwriters and shall not be the exclusive determination on extending
credit. The lender must apply for and receive approval from Rural
Development to utilize the automated underwriting system. Rural
Development reserves the right to terminate the lender's use of the
automated underwriting system.
(1) Lenders are responsible for ensuring all data is true and
accurately represented in the automated underwriting system.
* * * * *
(3) The use of Rural Development's automated underwriting system
subjects the lender to indemnification requirements in accordance with
Sec. 3555.108.
* * * * *
(6) Lenders will validate findings based on the output report of
the automated underwriting system.
* * * * *
(c) Manual underwriting. Loans requiring manual underwriting
(manually underwritten loans) are described in paragraphs (c)(1) and
(2) of this section. For manually underwritten loans, full
documentation, and verification in accordance with subparts C, D, and E
of this part will be submitted to Rural Development when requesting a
guarantee and maintained in the lender's file. The documentation will
confirm the applicant's eligibility, creditworthiness, repayment
ability, eligible loan purpose, adequate collateral, and satisfaction
of other regulatory requirements. The following types of loans require
manual underwriting:
(1) Loans downgraded by Rural Development's automated system. These
loans are manually underwritten by the lender and submitted utilizing
Rural Development's automated system.
(2) Loans that are not supported by Rural Development's automated
systems. These loans are manually underwritten by the lender and
submitted by secure email or other electronic means approved by the
Agency.
* * * * *
(i)* * *
(4) For all loan submissions, evidence of documentation supporting
the properly closed loan will be submitted using Rural Development's
automated systems.
* * * * *
Subpart D--Underwriting the Applicant
0
3. Amend Sec. 3555.151 by revising paragraph (h)(2) introductory text
to read as follows:
Sec. 3555.151 Eligibility requirements.
* * * * *
(h) * * *
(2) The repayment ratio may exceed the percentage in paragraph
(h)(1) of this section when certain compensating factors exist. The
handbook, HB-1-3555, Appendix I, located at https://www.rd.usda.gov/sites/default/files/hb-1-3555.pdf, will provide examples of
[[Page 6777]]
when a debt ratio waiver may be granted. The automated underwriting
system will consider any compensating factors in determining when the
variance is appropriate. Loans downgraded in the automated underwriting
system which must be manually underwritten will require the lender to
document compensating factors. The presence of compensating factors
does not strengthen a ratio exception when multiple layers of risk are
present in the application. Acceptable compensating factors, supporting
documentation, and maximum ratio thresholds, will be further defined
and clarified in the handbook. Compensating factors include but are not
limited to:
* * * * *
Joaquin Altoro,
Administrator, Rural Housing Service.
[FR Doc. 2022-02467 Filed 2-4-22; 8:45 am]
BILLING CODE 3410-XV-P
