[Federal Register Volume 63, Number 38 (Thursday, February 26, 1998)]
[Rules and Regulations]
[Page 9742]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-4867]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Parts 30 and 202

[Docket No. FR-4106-F-02]
RIN 2502-AG78


Approval of Lending Institutions and Mortgagees Streamlining; 
Correction

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Final rule; correction.

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SUMMARY: On April 24, 1997, HUD issued a final rule that streamlined 24 
CFR part 202 and made related changes to other parts of title 24. This 
document corrects technical errors that appeared in that final rule.

EFFECTIVE DATE: February 26, 1998.

FOR FURTHER INFORMATION CONTACT: Lynn S. Herbert, Director, Lender 
Approval and Recertification Division, Room B-133-P3214, Department of 
Housing and Urban Development, 451 Seventh Street, S.W., Washington, 
D.C. 20410, (202) 708-3976. (This is not a toll free number.) For 
hearing- and speech-impaired persons, this number may be accessed via 
TTY by calling the Federal Information Relay Service at 1-800-877-8339.

SUPPLEMENTARY INFORMATION: As published on April 24, 1997, the final 
rule contains some technical errors that are in need of correction. In 
the April 24, 1997 final rule, an amendment was made to Sec. 30.320(k) 
was in error. The amendment should have been made to current 
Sec. 30.35(a)(4). In the second sentence of Sec. 202.5(i), a reference 
was made to ``the mortgagee'' instead of ``the Secretary''. In the 
third sentence of Sec. 202.7(a), a reference was made to a 
``supervised'' lender or mortgagee instead of to a ``nonsupervised'' 
lender or mortgagee, and a reference to insured loans was inadvertently 
omitted. In Sec. 202.9(a), a reference to an investing lender was 
inadvertently omitted
    Accordingly, FR Doc. 97-10282, a final rule that amended 24 CFR 
parts 30 and 202, among other parts, is corrected as follows:


Sec. 30.320  [Corrected]

    1. On page 20081, in the third column, the rule is corrected by 
removing the amendment to Sec. 30.320, and in lieu of the amendment to 
Sec. 30.320 revising Sec. 30.35(a)(4) to read:


Sec. 30.35  Mortgages and lenders.

    (a) * * *
    (4) Makes a payment that is prohibited under Sec. 202.5(l).
* * * * *


Sec. 202.5  [Corrected]

    2. On page 20084, in the third column, the rule is corrected by 
removing ``mortgagee'' from the second sentence of Sec. 202.5(i), and 
adding in its place, ``Secretary''.
    3. On page 20085, in the third column, the third sentence of 
Sec. 202.7(a) is corrected to read:


Sec. 202.7  Nonsupervised lenders and mortgagees.

    (a) * * * A nonsupervised lender or mortgagee may originate, 
purchase, hold, service or sell insured mortgages, respectively.
* * * * *
    4. On page 20086, third column, the third sentence of Sec. 202.9(a) 
is corrected to read as follows:


Sec. 202.9  Investing lenders and mortgagees.

    (a) * * * An investing lender or mortgagee may not service Title I 
loans or Title II mortgages without prior approval of the Secretary.
* * * * *
    Dated: February 20, 1998.
Camille E. Acevedo,
Assistant General Counsel, Regulations.
[FR Doc. 98-4867 Filed 2-25-98; 8:45 am]
BILLING CODE 4210-27-M