US Codex
Pub. L.
Notes

Title II — Rural Housing

114th Congress · Approved Jul 29, 2016 · 130 Stat. 782

TITLE II Rural Housing

SEC. 201. Delegation of Guaranteed Rural Housing Loan Approval.

Subsection (h) of section 502 of the Housing Act of 1949 (42 U.S.C. 1472(h)) is amended by adding at the end the following new paragraph:

“(18) Delegation of approval.—The Secretary may delegate, in part or in full, the Secretary’s authority to approve and execute binding Rural Housing Service loan guarantees pursuant to this subsection to certain preferred lenders, in accordance with standards established by the Secretary.”

SEC. 202. Guaranteed Underwriting User Fee.

Section 502 of the Housing Act of 1949 (42 U.S.C. 1472) is amended by adding at the end the following new subsection:

“(i) Guaranteed Underwriting User Fee.—

“(1) Authority; maximum amount.—The Secretary may assess and collect a fee for a lender to access the automated underwriting systems of the Department in connection with such lender’s participation in the single family loan program under this section and only in an amount necessary to cover the costs of information technology enhancements, improvements, maintenance, and development for automated underwriting systems used in connection with the single family loan program under this section, except that such fee shall not exceed $50 per loan.

“(2) Crediting; availability.—Any amounts collected from such fees shall be credited to the Rural Development Expense Account as offsetting collections and shall remain available until expended, in the amounts provided in appropriation Acts, solely for expenses described in paragraph (1).”