[Federal Register Volume 62, Number 177 (Friday, September 12, 1997)]
[Notices]
[Pages 48106-48107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-24189]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4286-D-01]
Redelegation of Authority
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Redelegation of authority.
-----------------------------------------------------------------------
SUMMARY: This notice amends the field reorganization Revocation and
Redelegation of Authority for the Office of Housing, published on
December 6, 1994, at 59 FR 62739. In this notice, the Assistant
Secretary for Housing-Federal Housing Commissioner redelegates
nationwide authority to perform all functions related to the
Multifamily Coinsurance Program, to the Director, Multifamily Housing
Division, in the Greensboro, North Carolina field office. Thus, the
authority of the Director, Multifamily Housing Division in the
Greensboro, North Carolina field office is extended to include
properties located not only in the Greensboro geographic area, but
throughout the nation.
EFFECTIVE DATE: September 5, 1997.
FOR FURTHER INFORMATION CONTACT:
William Harris, Acting Director, Operations Division, Office of
Multifamily Asset Management and Disposition, Department of Housing and
Urban Development, 451 Seventh Street, S.W., Room 6186, Washington,
D.C. 20410, (Telephone No. (202) 708-0216), (HUD's TTY No. (202) 708-
1455); or Daniel A. McCanless, Multifamily Housing Division Director,
Department of Housing and Urban Development, North Carolina State
Office, Koger Building, 2306 West Meadowview Road, Greensboro, North
Carolina, 27407-3707, (Telephone No. (910) 547-4020), (HUD North
Carolina State Office's TTY No. (910) 547-4055). Persons with hearing
or speech impairments may also utilize the Federal Information Relay
Service's TTY Number at (800) 877-8339. With the exception of the
``800'' number, all telephone and TTY numbers listed are not toll-free.
SUPPLEMENTARY INFORMATION: Section 307 of the Housing and Community
Development Act of 1974 amended the National Housing Act by adding a
new section 244, entitled ``Coinsurance.'' See 12 U.S.C. Sec. 1715z-9.
The Multifamily Coinsurance Program was intended to function as a joint
venture between the private and public sectors, in which lenders and
HUD would share mortgage insurance risk, thereby providing an
alternative to traditional HUD full insurance financing. The
Multifamily Coinsurance Program experienced an unacceptably high level
of loan defaults and losses to the FHA General Insurance Fund, and was
ultimately terminated in October of 1990. See 55 FR 41312, published
October 10, 1990.
In 1990, the Coinsurance Management Division was established in the
Office of Multifamily Asset Management and Disposition to provide
oversight of the coinsured and formerly coinsured (i.e., coinsured
loans converted to full insurance due to the failure of the coinsuring
lender) portfolios. In September, 1995, with the decline of the
coinsured mortgage portfolio, the Coinsurance Management Division was
abolished and the coinsurance management workload was absorbed by the
Operations Division within the Office of Multifamily Asset Management
and Disposition.
On December 6, 1994, at 59 FR 62739, the Department published a
Notice of Revocation and Redelegation of Authority which granted
authority to carry out the Multifamily Coinsurance Program to various
specified field offices. That field reorganization redelegation has
been amended on several occasions and remains in effect, as amended.
Based upon a thorough analysis of the coinsured and formerly
coinsured mortgage portfolio workload, in order to best utilize its
finite resources, and to ensure that the Department is able to most
effectively service its coinsured and formerly coinsured portfolio, the
Assistant Secretary for Housing-Federal Housing Commissioner has
determined to redelegate nationwide authority to perform all functions
related to the Multifamily Coinsurance Program, to the Director,
Multifamily Housing Division, in the Greensboro, North Carolina field
office.
Additionally, the coinsurance regulations, at 24 CFR 251.3, 252.3
and 255.3, were revised to provide for the conversion of individual
coinsured loans to full insurance, in conjunction with either a full or
partial claim payment. See 61 FR 49036, published September 17, 1996.
Under this revision, coinsuring lenders were given the option of
requesting that a coinsured mortgage be converted to full insurance.
Under the coinsurance regulations, as cited above, the Federal Housing
Commissioner has authority to endorse such conversions from coinsurance
to full insurance. In this notice, the Federal Housing Commissioner
also redelegates the authority to endorse such requests, on a
nationwide basis, to the Director, Multifamily Housing Division, in the
Greensboro, North Carolina field office.
Accordingly, the Assistant Secretary for Housing-Federal Housing
Commissioner redelegages authority as follows:
Section A. Authority Redelegated
The Assistant Secretary for Housing-Federal Housing Commissioner
redelegates authority to the Director, Multifamily Housing Division in
the Greensboro, North Carolina field office, and modifies the field
reorganization Revocation and Redelegation of Authority, published
December 6, 1994 at 59 FR 62739, as follows:
1. The Director, Multifamily Housing Division, Greensboro, North
Carolina is redelegated nationwide authority with regard to the
Multifamily Coinsurance Program (Section 244 of the National Housing
Act, 12 U.S.C. Sec. 1715z-9).
2. The Director, Multifamily Housing Division, Greensboro, North
Carolina, is redelegated the authority to perform all functions on a
nationwide basis relating to the Multifamily Coinsurance Program. This
authority includes but is not limited to performing the functions
relating to multifamily coinsurance that are listed within the field
reorganization redelegation at 59 FR 62739; in addition, with regard to
the function listed at B., III., (a), (iii), A., 24, 59 FR 62743, the
Director is herein redelegated the authority to execute second mortgage
documents without first obtaining Headquarters approval of partial
payment of claims. Also, the Director, Multifamily Housing Division,
Greensboro, North Carolina is herein specifically redelegated the
authority to perform the function of endorsing
[[Page 48107]]
requests for conversion from coinsurance to full insurance, as per the
coinsurance regulations at 24 CFR 251.3, 252.3, and 255.3.
Section B. Authority To Further Redelegate
The authority redelegated above, in Section A of the instant
document, may be further redelegated in writing to appropriate field
office staff. In cases where authority is redelegated to staff not
reporting to the redelegating field office official, prior concurrence
of the Assistant Secretary for Housing-Federal Housing Commissioner, is
required.
Authority: Section 7(d), Department of Housing and Urban
Development Act, 42 U.S.C. Sec. 3535(d).
Dated: September 5, 1997.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 97-24189 Filed 9-11-97; 8:45 am]
BILLING CODE 4210-27-M