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WBK Industry News - Federal Regulatory Developments

Changes to RHS Single Family Housing Guaranteed Loan Program Technical Handbook Became Effective on March 9, 2016

The Rural Housing Service (RHS) made changes to the Guaranteed Loan Program Technical Handbook (HB‐1‐3555). The revised HB‐1‐3555 became effective on March 9, 2016. On February 8, 2016, the RHS published a final rule that made changes to RHS’ Single Family Housing Guaranteed Loan Program. The final rule became effective on March 9, 2016. The RHS previously issued a related interim final rule that was effective on December 1, 2014.

All conditional commitments issued on March 9, 2016 and going forward are subject to the final RHS rules and the new handbook HB‐1‐3555. RHS previously released a revision document that tracks the specific changes and is very helpful. Additionally, RHS has published complimentary on-demand training presentations, one for origination and one for servicing. Both of the on-demand training presentations review the new handbook changes and answer questions by walking through hypothetical scenarios.