USDA emailed the following announcement on August 19, 2014, stating they are postponing the effective date of new 7 CFR 3555:
7 CFR 3555 Rule Implementation Extended to December 1, 2014
Based on feedback we’ve received from many of our stakeholders, a notice will soon be published in the Federal Register deferring the scheduled implementation of the new regulation, 7 CFR 3555.
The rule, which previously was going to become effective on September 1, 2014, will now go into effect on December 1, 2014. The change in effective date will allow stakeholders in the mortgage industry to better incorporate procedure changes and receive more extensive training.
The interim final rule, published December 9, 2013, will replace the existing rule, 7 CFR 1980, Part D, when it becomes effective on December 1, 2014.
The Agency will continue to work with mortgage industry participants during this period. More information and training, including a comprehensive set of frequently asked questions (FAQs), will be provided on the USDA Lender Interactive Network Connection (LINC) website: https://usdalinc.sc.egov.usda.gov/USDALincTrainingResourceLib.do.
Questions regarding this extension or deferment in effective date may be directed to the Single Family Housing Guaranteed Loan Division at 202.720.1452.
For Policy questions, please contact the Single Family Housing Guaranteed Loan Division by dialing (202) 720-1452 or the Centralized Servicing Center by dialing (866) 550-5887.
Therefore, the Changes Due to New USDA Regulations announced by DocuTech will be postponed. The changes will be triggered based on the new effective date of December 1, 2014, instead of September 1, 2014. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
August 20, 2014
DR 155646 and 155836
TW 99178, 99936, and 100125
The Federal Register notice regarding the deferral of 7 CFR 3555 was published August 22, 2014, in 79 FR 49659.
August 25, 2014