[Federal Register Volume 59, Number 211 (Wednesday, November 2, 1994)]
[Rules and Regulations]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-27092]


[[Page Unknown]]

[Federal Register: November 2, 1994]


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DEPARTMENT OF AGRICULTURE
7 CFR Part 1951

 

Servicing and Collections

AGENCY: Farmers Home Administration, USDA.

ACTION: Final rule.

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SUMMARY: The Farmers Home Administration (FmHA) amends its regulation 
regarding processing payments under the Predetermined Amortization 
Schedule System (PASS). This action is taken to change the distribution 
of Form FmHA 1944-9A, Multiple Family Housing Statement of Payment Due. 
The intended effect is to only distribute the form to those borrowers 
that are delinquent and/or have late fees.

EFFECTIVE DATE: November 2, 1994.

FOR FURTHER INFORMATION CONTACT:
Christine Mechtly, Staff Accountant, Quality Assurance Branch, FmHA, 
USDA, Finance Office, 1520 Market Street, St. Louis, Missouri 63103, 
Telephone 314-539-6203.

SUPPLEMENTARY INFORMATION: This final rule has been determined to be 
exempt from the requirements of Executive Order 12866 because it has no 
adverse impact on FmHA borrowers or other members of the public and it 
involves only internal Agency management. It is the policy of this 
Department that rules relating to public property, loans, grants, 
benefits, or contracts shall be published for comments notwithstanding 
the exemption in 5 U.S.C. 533 with respect to such rules. This action, 
however, is not published for proposed rulemaking since it involves 
only internal Agency management and publication for comment is 
unnecessary.

Environmental Impact Statement

    This document has been reviewed according to 7 CFR, Part 1940, 
Subpart G, ``Environmental program.'' It is the determination of FmHA 
that the proposed action consisting only of accounting changes, does 
not constitute a major Federal Action significantly affecting the 
quality of the human environment and according to the National 
Environmental Policy Act of 1969, Public Law 91-190, an Environmental 
Impact Statement is not required.

Intergovernmental Review

    This program/activity is subject to the provisions of Executive 
Order 12372 which requires intergovernmental consultation with State 
and local officials.
    These changes affect the following FmHA program as listed in the 
Catalog of Federal Domestic Assistance under number:

10.415  Rural Rental Housing Loans

Discussion

    Section 1951.506 is being amended to change the distribution of 
Form FmHA 1944-9A to only those borrowers who are delinquent and/or 
have late fees. This change in the distribution was requested by FmHA 
field office personnel in order to save FmHA money.

List of Subjects in 7 CFR Part 1951

    Account servicing, Accounting, Loan programs--Agriculture, Loan 
programs--Housing and community development, Low and moderate income 
housing loans--Servicing, Mortgages.

    Accordingly, chapter XVIII, title 7, Code of Federal Regulations is 
amended as follows:

PART 1951--SERVICING AND COLLECTIONS

    1. The authority citation for part 1951 continues to read as 
follows:

    Authority: 7 U.S.C. 1989; 42 U.S.C. 1480; 5 U.S.C. 301; 7 CFR 
2.23; 7 CFR 2.70.

Subpart K--Predetermined Amortization Schedule System (PASS) 
Account Servicing

    2. Section 1951.506 is amended by revising paragraphs (a) (3) and 
(4) to read as follows:


Sec. 1951.506  Processing Payments

    (a) * * *
    (3) On or about the 11th day of each month, the Finance Office will 
generate and mail to each borrower that is delinquent and/or has late 
fees, Form FmHA 1944-9A, ``Multiple Family Housing Statement of Payment 
Due,'' showing the current monthly payment due, unpaid late fees, and 
delinquent payments, if any, due on the first day of the following 
month. This payment statement will be determined from current Finance 
Office records but will not reflect overage or occupancy surcharge due 
from the borrower or rental assistance (RA) due the borrower.
    (4) Each borrower will submit to the District Office Form FmHA 
1944-29 with the required monthly payment indicated or adjusted as 
indicated in paragraph (a)(5) of this section regardless of whether or 
not Form FmHA 1944-9A is received.
* * * * *
    Dated: October 3, 1994.
Bob J. Nash,
Under Secretary for Small Community and Rural Development.
[FR Doc. 94-27092 Filed 11-1-94; 8:45 am]
BILLING CODE 3410-07-M