Final Rule

The Department of Housing and Urban Development announced a final rule aimed at boosting homeownership for Native American families. The final rule “clarifies the rules governing Tribal participation in the program” while establishing underwriting requirements, rules on the closing and endorsement process, stronger and clearer servicing requirements, as well as other updated standards. It is designed to increase lender participation in the Section 184 Indian Housing Loan Guarantee program and strengthen regulations to align with its current needs. HUD says it worked closely with Tribal leaders to create a program that would genuinely boost homeownership in their communities. The new regulations increase borrower protections and “encourage new lender participation.” “Homeownership is key to building generational wealth. By enhancing the Section…