[Federal Register Volume 69, Number 1 (Friday, January 2, 2004)]
[Rules and Regulations]
[Pages 4-5]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-32021]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 203

[Docket No. FR-4835-C-02]
RIN 2502-AI00


FHA TOTAL Mortgage Scorecard

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

ACTION: Interim rule; technical correction.

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SUMMARY: On November 21, 2003, HUD published an interim rule to codify 
the procedures that mortgagees and automated underwriting system (AUS) 
vendors must observe if they opt to use the ``Technology Open To 
Approved Lenders'' mortgage scorecard offered by the Federal Housing 
Administration (FHA). This document corrects the interim rule by 
changing certain references to ``mortgage'' to read ``mortgagee'' and 
to remove ``FHA-approved'' as a modifier of ``AUS'' in a certain 
instance.

DATES: Effective Date: December 22, 2003.

FOR FURTHER INFORMATION CONTACT: Vance T. Morris, Director, Office of 
Single Family Program Development, Room 9278, Department of Housing and 
Urban Development, 451 Seventh Street, SW., Washington, DC 20410-8000; 
telephone (202) 708-2121. (This is not a toll-free number.) Hearing- or 
speech-impaired persons may access this number by calling the toll-free 
Federal Information Relay Service number at 1-800-877-8339.

SUPPLEMENTARY INFORMATION: On November 21, 2003 (68 FR 65824), HUD 
published an interim rule providing requirements for the use of the 
``Technology Open To Approved Lenders'' mortgage scorecard (TOTAL 
Mortgage Scorecard, or Scorecard). The preamble to this rule, in the 
third

[[Page 5]]

column of page 65824, states: ``Only AUSs developed, operated, owned, 
or used by FHA-approved Direct Endorsement mortgages, Fannie Mae, or 
Freddie Mac will be able to access the scorecard, and only FHA-approved 
mortgagees will be able to obtain risk assessments using the TOTAL 
Mortgage Scorecard.'' The reference in this sentence to ``Direct 
Endorsement mortgages'' should have read ``Direct Endorsement 
mortgagees'' instead. A conforming change removing ``FHA-approved'' as 
a modifier of ``automatic underwriting systems (AUSs)'' and changing 
``Direct Endorsement mortgages'' to ``Direct Endorsement mortgagees'' 
is also made to the regulation, at Sec.  203.255(b)(5)(i)(A).

0
Accordingly, FR Doc. 03-29055, FHA TOTAL Mortgage Scorecard, (FR-4835-
I-01), published in the Federal Register on November 21, 2003 (68 FR 
65824), is corrected as follows:
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1. On page 65824, third column, the fourth complete sentence under the 
heading, ``II. This Interim Rule,'' is revised to read as follows: 
``Only AUSs developed, operated, owned, or used by FHA-approved Direct 
Endorsement mortgagees, Fannie Mae, or Freddie Mac will be able to 
access the scorecard, and only FHA-approved mortgagees will be able to 
obtain risk assessments using the TOTAL Mortgage Scorecard.''

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2. On page 65827, second column, Sec.  203.255(b)(5)(i)(A) is revised 
to read as follows:


Sec.  203.255  Insurance of mortgage.

* * * * *
    (b) * * *
    (5) * * *
    (i) * * *
    (A) Permissible users. Only automatic underwriting systems (AUSs) 
developed, operated, owned, or used by FHA-approved Direct Endorsement 
mortgagees, Fannie Mae, or Freddie Mac, may access TOTAL, and only FHA-
approved mortgagees will be able to obtain risk-assessments using 
TOTAL;
* * * * *

    Dated: December 23, 2003.
Aaron Santa Anna,
Assistant, General Counsel for Regulations.
[FR Doc. 03-32021 Filed 12-31-03; 8:45 am]
BILLING CODE 4210-27-P