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On November 17, 2008, the Department of Housing and Urban Development (“HUD”) published in the Federal Register (pages 68204 – 68288) its final rule (“final rule”) amending Regulation X. The final rule has two effective dates. Certain sections of the final rule are effective January 16, 2009 (and were the subject of our November 26, 2008 memorandum), and other sections of the final rule are effective January 1, 2010. Except for the brief discussion of HUD’s recent withdrawal of the final rule’s revised definition of “required use,” this memorandum will address those final rule changes that are effective January 1, 2010.

The Department of Housing and Urban Development (“HUD”) has published its final rule amending Regulation X (Federal Register, November 17, 2008 issue, Pages 68204 – 68288). The final rule has two effective dates. Certain sections of the final rule are effective January 16, 2009, and other sections of the final rule are effective January 1, 2010. This memorandum will address those sections of the final rule that are effective January 16, 2009. A subsequent memorandum will address those sections of the final rule that become effective January 1, 2010.

On November 17, 2008, the Department of Housing and Urban Development (“HUD”) published its final rule amending Regulation X and 24 CFR §203.27 [Single Family Mortgage Insurance]. The final rule has two effective dates. Certain sections of the final rule are effective January 16, 2009, and we will be issuing a memorandum on those sections in the near future. Other sections of the final rule are effective on January 1, 2010, and we will be issuing a second memorandum on those sections at a later date. The purpose of this memorandum is simply to notify you of HUD’s publication of the final rule and to provide you with the web pages from which you may download a copy in either hypertext markup language (HTML) or portable document format (PDF).

This memorandum revises and replaces our April 14, 2008 memorandum on this subject. On March 14, 2008, the Department of Housing and Urban Development (“HUD”) published a proposed rule to amend Regulation X. If HUD adopts this rule, as proposed, it will have a significant impact on mortgage lending and closing practices.