Was published in the Federal Register HERE.
From the advance Notice:
"The Housing and Economic Recovery Act of 2008 requires that HUD carry out a pilot program to establish, and make available to mortgagees, an automated process for providing alternative credit rating information, which might include rent, utilities, and insurance payment histories, etc., for mortgagors and prospective mortgagors who have insufficient credit histories for determining their credit worthiness. With this notice, HUD commences the process for development of the mandated pilot program and solicits public comment and suggestions for a practicable design of the pilot program that is consistent with statutory goals, program requirements, and fair lending standards, and includes comment on how the pilot program might align with existing Federal Housing Administration policy regarding nontraditional credit verification. Comments addressing the information, data, and experience necessary to support an evaluation of the operation, performance, and fair lending compliance of a pilot are welcome as well. All comments will be considered in the development of the pilot program."
There will be 60 day window to submit comments.
Originally created and posted on the Oregon Housing Blog.
No comments:
Post a Comment