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§ 240.12a–11 Exemption of security-based
swaps sold in reliance on Securities Act of
1933 Rule 240 (§ 230.240) from section 12(a)
of the Act.
(a) The provisions of Section 12(a) of
the Act (15 U.S.C. 78l(a)) do not apply
to any security-based swap offered and
sold in reliance on Rule 240 under the
Securities Act of 1933.
(b) This rule will expire on the
compliance date for final rules that the
Commission may adopt further defining
both the terms security-based swap and
eligible contract participant. In such
event, the Commission will publish a
rule removing this section from 17 CFR
part 240 or modifying it as appropriate.
■ 5. Section 240.12h–1 is amended by
adding paragraph (i) to read as follows:
§ 240.12h–1 Exemptions from registration
under section 12(g) of the Act.
*
*
*
*
*
(i) Any security-based swap offered
and sold in reliance on Rule 240 under
the Securities Act of 1933. This rule will
expire on the compliance date for final
rules that the Commission may adopt
further defining both the terms securitybased swap and eligible contract
participant. In such event, the
Commission will publish a rule
removing this paragraph (i) from 17 CFR
part 240 or modifying it as appropriate.
PART 260—GENERAL RULES AND
REGULATIONS, TRUST INDENTURE
ACT OF 1939
6. The authority citation for Part 260
continues to read as follows:
■
Authority: 15 U.S.C. 77eee, 77ggg, 77nnn,
77sss, 78ll(d), 80b–3, 80b–4, and 80b–11.
7. Section 260.4d–12 is added to read
as follows:
■
§ 260.4d–12 Exemption for security-based
swaps offered and sold in reliance on
Securities Act of 1933 Rule 240 (§ 230.240).
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Any security-based swap offered and
sold in reliance on Rule 240 of this
chapter (17 CFR 230.240), whether or
not issued under an indenture, is
exempt from the Act. This rule will
expire on the compliance date for final
rules that the Commission may adopt
further defining both the terms securitybased swap and eligible contract
participant. In such event, the
Commission will publish a rule
removing this section from 17 CFR part
260 or modifying it as appropriate.
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 510
§ 510.600 Names, addresses, and drug
labeler codes of sponsors of approved
applications.
[Docket No. FDA–2011–N–0003]
*
New Animal Drugs; Change of
Sponsor’s Name and Address
AGENCY:
ACTION:
The Food and Drug
Administration (FDA) is amending the
animal drug regulations to reflect a
change of sponsor’s name from
Alpharma, LLC, to Alpharma, LLC, a
wholly owned subsidiary of Pfizer, Inc.
The sponsor’s mailing address will also
be changed.
DATES: This rule is effective July 11,
2011.
Steven D. Vaughn, Center for Veterinary
Medicine (HFV–100), Food and Drug
Administration, 7520 Standish Pl.,
Rockville, MD 20855, 240–276–8300, email: steven.vaughn@fda.hhs.gov.
SUPPLEMENTARY INFORMATION: Alpharma,
LLC, 400 Crossing Blvd., Bridgewater,
NJ 08807 has informed FDA of a change
of name and mailing address to
Alpharma, LLC, a wholly owned
subsidiary of Pfizer, Inc., 235 East 42d
St., New York, NY 10017. Accordingly,
the Agency is amending the regulations
in 21 CFR 510.600(c) to reflect these
changes.
This rule does not meet the definition
of ‘‘rule’’ in 5 U.S.C. 804(3)(A) because
it is a rule of ‘‘particular applicability.’’
Therefore, it is not subject to the
congressional review requirements in 5
U.S.C. 801–808.
List of Subjects in 21 CFR Part 510
Administrative practice and
procedure, Animal drugs, Labeling,
Reporting and recordkeeping
requirements.
Therefore, under the Federal Food,
Drug, and Cosmetic Act and under
authority delegated to the Commissioner
of Food and Drugs and redelegated to
the Center for Veterinary Medicine, 21
CFR part 510 is amended as follows:
PART 510—NEW ANIMAL DRUGS
1. The authority citation for 21 CFR
part 510 continues to read as follows:
■
Authority: 21 U.S.C. 321, 331, 351, 352,
353, 360b, 371, 379e.
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*
*
Firm name and address
Drug labeler
code
*
*
*
Alpharma, LLC, a wholly
owned subsidiary of Pfizer,
Inc., 235 East 42d St.,
New York, NY 10017 ........
*
*
*
*
*
046573
*
*
(2) * * *
Drug labeler
code
Firm name and address
*
*
046573 ...........
*
*
*
Alpharma, LLC, a wholly
owned subsidiary of
Pfizer, Inc., 235 East 42d
St., New York, NY 10017
FOR FURTHER INFORMATION CONTACT:
[FR Doc. 2011–17039 Filed 7–8–11; 8:45 am]
15:08 Jul 08, 2011
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*
(c) * * *
(1) * * *
Final rule.
SUMMARY:
■
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Food and Drug Administration,
HHS.
By the Commission.
Dated: July 1, 2011.
Elizabeth M. Murphy,
Secretary.
BILLING CODE 8011–01–P
‘‘Alpharma LLC’’; and in the table in
paragraph (c)(2), revise the entry for
‘‘046573’’ to read as follows:
2. In § 510.600, in the table in
paragraph (c)(1), revise the entry for
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*
*
*
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Dated: July 1, 2011.
Elizabeth Rettie,
Deputy Director, Office of New Animal Drug
Evaluation, Center for Veterinary Medicine.
[FR Doc. 2011–17292 Filed 7–8–11; 8:45 am]
BILLING CODE 4160–01–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
24 CFR Part 3500
[Docket No. FR–5180–F–07]
RIN 2502–AH85
Real Estate Settlement Procedures Act
(RESPA): Technical Corrections and
Clarifying Amendments
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, HUD.
ACTION: Final rule.
AGENCY:
This final rule makes
technical corrections and certain
clarifying amendments to HUD’s RESPA
regulations promulgated by a final rule
published on November 17, 2008. The
majority of the regulations promulgated
by the November 17, 2008, final rule
became applicable on January 1, 2010.
Now that the regulations have been in
SUMMARY:
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use for a little over one year, HUD has
identified certain needed technical
corrections, which this rule will make,
and certain other regulatory provisions
in which additional clarification would
be helpful.
DATES: Effective Date: August 10, 2011.
FOR FURTHER INFORMATION CONTACT:
Barton Shapiro, Director, Office of
RESPA and Interstate Land Sales, Room
9158, U.S. Department of Housing and
Urban Development, 451 7th Street,
SW., Washington, DC 20410; telephone
(202) 708–0502 (this is not a toll-free
number). For legal questions, contact
Paul S. Ceja, Assistant General Counsel
for RESPA, or Joan L. Kayagil, Deputy
Assistant General Counsel for RESPA
Room 9262; telephone (202) 708–3137.
Persons with hearing or speech
impairments may access this number
via TTY by calling the toll-free Federal
Relay Service at (800) 877–8339. The
address for the above listed persons is:
Department of Housing and Urban
Development, 451 7th Street, SW.,
Washington, DC 20410.
SUPPLEMENTARY INFORMATION:
I. Background
On November 17, 2008 (73 FR 68204),
HUD published a final rule that
amended HUD’s RESPA regulations to
further the purposes of RESPA by
requiring more timely and effective
disclosures related to mortgage
settlement costs for federally related
mortgage loans to consumers. The
regulatory changes made by the
November 2008 rule were designed to
achieve several objectives, including but
not limited to: protecting consumers
from unnecessarily high settlement
costs by taking steps to improve and
standardize the Good Faith Estimate
(GFE) form to make it, among other
things, easier to use for shopping among
settlement service providers and to
provide more accurate estimates of costs
of settlement services; improving
disclosure of yield spread premiums
(YSP); clarifying HUD–1/HUD–1A
Settlement statements; and ensuring
that, at settlement, borrowers are aware
of final costs as they relate to their
particular mortgages.
HUD’s November 2008 final rule
followed publication of a March 14,
2008, proposed rule and made several
changes in response to public comment.
The November 17, 2008, final rule took
effect on January 16, 2009, and certain
provisions of the RESPA regulations
became applicable on the effective date
of the final rule. However, for the
majority of the revised RESPA
regulations, the November 2008 final
rule provided for compliance to
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commence with the revised RESPA
regulations on January 1, 2010.
In the period since the revised RESPA
regulations became applicable, HUD has
identified certain technical corrections
needed to the regulations and in
Appendix A to the regulations, and a
few provisions where clarification
would further enhance understanding of
a regulatory provision or an Appendix
A provision. HUD has already provided
guidance and clarification on certain
regulatory provisions through
information provided on HUD’s RESPA
website.1 Through this rule, HUD is
amending the RESPA regulations and
Appendix A to make certain technical
corrections and to clarify certain
regulatory and appendix provisions.
II. Amendments Made by This Rule
This rule makes the following
technical and clarifying amendments.
A. Amendments to the Regulations
Section 3500.2 (Definitions)
This rule corrects a citation to the
Truth in Lending Act that is in the
definition of ‘‘Federally related
mortgage loan’’ in § 3500.2. Although
this definition was not amended by the
November 2008 rule, the enactment of
the Dodd-Frank Wall Street Reform and
Consumer Financial Protection Act
(Pub. L. 110–203, approved July 21,
2010; see sec. 1100A(1)), changed the
citation for ‘‘creditor’’ which appears in
paragraph (1)(ii)(D) of the definition of
‘‘Federally related mortgage loan’’ in
§ 3500.2. Paragraph (1)(ii)(D) states that
‘‘creditor’’ is defined in the Consumer
Credit Protection Act at 15 U.S.C.
1602(f), but the correct citation is now
15 U.S.C. 1602(g).
Section 3500.7 (Good Faith Estimate or
GFE)
Section 3500.7(a)(4) and (b)(4).
Section 3500.7(a) addresses when the
lender must provide a GFE to an
applicant borrower, and § 3500.7(b)
addresses the same for a mortgage
broker. Both sections state that a lender
or a mortgage broker is not permitted to
charge, as a condition for providing a
GFE, any fee for an appraisal,
inspection, or other similar settlement
services. The lender or the mortgage
broker may at its option charge a fee
limited to the cost of a credit report.
Both sections also state that the lender
or mortgage broker may not charge
additional fees until after the applicant
has received the GFE.
The preamble discussion of this
provision states that: ‘‘After the GFE has
been received, the loan originator may
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http://www.hud.gov/respa/.
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40613
collect additional fees needed to
proceed to final underwriting for
borrowers who decide to proceed with
a loan from that originator.’’ (See 73 FR
68212, first column.) Although the
language in the preamble makes clear
that an applicant borrower must express
an intent to continue with a loan after
the applicant borrower receives the GFE
for the loan before a lender or mortgage
broker can collect additional fees from
the applicant borrower beyond the cost
of a credit report, this language was
inadvertently omitted from the
regulatory text. The question of whether
an applicant borrower must express an
intent to continue with a loan before the
lender or mortgage broker can collect
additional fees is an issue that came up
after the regulations were promulgated
and HUD addressed that question in its
New RESPA Rules Frequently Asked
Questions (FAQs) issued August 13,
2009, by replying in the affirmative that
a borrower must express an intent to
continue with the loan. (See question
#10 at page 7 of www.hud.gov/offices/
hsg/rmra/res/resparulefaqs422010.pdf,
updated April 2, 2010, without
changing this FAQ). To eliminate any
ambiguity about whether the applicant
borrower must express an intent to
continue with the application process,
this rule amends § 3500.7(a)(4) and
(b)(4) to provide that the applicant
borrower must indicate an intention to
proceed with the loan covered by the
GFE received by the applicant borrower
from the lender or mortgage broker
before the lender or mortgage broker
may charge additional fees.
Section 3500.7(f). Section 3500.7(f)
addresses when the GFE becomes
binding. The amendments made to this
section address both needed corrections
and clarification.
1. The introductory paragraph to
§ 3500.7(f) uses the term ‘‘new GFE’’ in
the first, second, and third sentences to
refer to a ‘‘revised GFE.’’ This same term
is used in paragraph (f)(5). A revised
GFE is not a new GFE, and it is
important to maintain this distinction.
With the exception of the introductory
paragraph and paragraph (f)(5), the
remainder of § 3500.7(f) uses the term
‘‘revised GFE’’ not ‘‘new GFE.’’ This
rule therefore substitutes ‘‘revised’’ for
‘‘new’’ in introductory paragraph (f) and
paragraph (f)(5).
2. The introductory paragraph to
§ 3500.7(f) currently provides that a loan
originator is bound ‘‘within the
tolerances provided in paragraph (e) of
this section, to the settlement charges
and terms listed on the GFE provided to
the borrower, unless a [revised] GFE is
provided prior to settlement consistent
with this paragraph (f).’’ However, the
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introductory paragraph inadvertently
omits that the GFE does not remain
binding indefinitely but expires 10
business days after the GFE is provided
to the borrower if the borrower does not
express an intent to continue with an
application provided by the loan
originator that provided the GFE, or
expires after such longer period as may
be specified by the loan originator
pursuant to § 3500.7(c). Although the
expiration period of the GFE is clearly
stated in paragraph (f)(4) of § 3500.7(f),
HUD finds that clarity is enhanced by
also adding this language to the
introductory paragraph of § 3500.7(f).
3. Paragraph (f)(1) of § 3500.7, which
addresses changed circumstances
affecting settlement costs, provides that
the revised GFE may increase charges
for services listed on the GFE but only
to the extent that the changed
circumstances actually resulted in
higher charges. However, paragraph
(f)(2), which addresses changed
circumstances affecting the loan, and
paragraph (f)(3), which addresses
borrower-requested changes,
inadvertently omits that the revised GFE
may increase charges listed on the GFE
only to the extent that changed
circumstances affecting the loan, or the
borrower’s requested change, actually
increased those charges. This rule
therefore adds language making this
limitation clear in paragraphs (f)(2) and
(f)(3).
4. Paragraph (f)(4) of § 3500.7 as noted
earlier, addresses the expiration of the
GFE. The heading of this paragraph uses
the word ‘‘original’’ to describe the GFE.
The heading on this paragraph should
not have any qualifier for the GFE.
Whether new or revised, the period of
expiration, as provided in paragraph
(f)(4), is applicable.
5. Paragraph (f)(5) of § 3500.7(f)
clarifies that whenever the borrower’s
interest rate is locked, a revised GFE
must be provided to the borrower
showing the revised interest ratedependent changes and terms within 3
business days.
6. Paragraph (f)(6) addresses new
home purchases. HUD is adding the
word ‘‘construction’’ to the phrase ‘‘new
home purchases’’ so that it reads ‘‘new
construction home purchases.’’ HUD
believes that the content of this
paragraph is clear that new home
purchases refers to purchases of newly
constructed homes, not simply any
home that is new to a borrower. This
interpretation is supported by the
preamble to the November 17, 2008,
final rule in which this regulatory
provision was discussed. The preamble
stated in relevant part as follows:
‘‘Finally, the final rule includes the
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proposed provision on revision of the
GFE for transactions involving new
home purchases. HUD recognizes that in
cases of new construction, the original
GFE may be provided long before
settlement is anticipated to occur.’’
(Emphasis added.) (See 73 FR 68221,
first column.) While HUD believes the
meaning of paragraph (f)(6) is clear, to
remove any possibility of ambiguity the
word ‘‘construction’’ is inserted
between the words ‘‘new’’ and ‘‘home
purchases.’’
Section 3500.8 (Use of HUD–1 or HUD–
1A Settlement Statements)
Section 3500.8(c) (Violations of
section 4 of RESPA). The heading of
§ 3500.8(c) shows the citation for
section 4 of RESPA as 12 U.S.C. 2604,
but it should be 12 U.S.C. 2603. This
rule corrects the citation.
B. Amendments to Appendix A
This rule also makes certain technical
amendments to Appendix A to the
RESPA regulations, which is entitled
‘‘Instructions for Completing HUD–1
and HUD–1A Settlement Statements;
Sample HUD–1 and HUD–1A
Statements.’’
Appendix A—HUD–1 Instructions for
Lines 601–602. The instructions for
lines 601–602 (see 73 FR 68244) contain
a transposed number. The instructions
state to ‘‘Enter the total in Line 420 and
Line 610.’’ Reference to line 610 should
be line 601. The rule makes that
correction.
Appendix—HUD–1 Instructions for
Page 3. The instructions for the HUD–
1, found at 73 FR 68243 of the
November 2008 final rule, provide that
the HUD–1 form is to be used as a
statement of the actual charges and
adjustments. If the borrower, or a person
acting on behalf of the borrower, does
not purchase a settlement service that
was listed on the GFE (e.g., owner’s title
insurance), there should be no amount
entered for that service in the
corresponding line on Page 2 of the
HUD–1, and the estimate of the charge
from the GFE should not appear on the
comparison chart on Page 3 of the
HUD–1.
HUD has determined that the current
instructions are not sufficiently clear on
this point. Allowing loan originators to
include on Page 3 of the HUD–1 charges
from the GFE for settlement services
that were not purchased could both
induce loan originators to discourage
consumers from purchasing settlement
services (e.g., owner’s title insurance) in
order to gain padding in the 10 percent
tolerance categories, and encourage loan
originators to pad the 10 percent
tolerance categories on the GFE with
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estimates of services that the consumer
will not need in the transaction. HUD
has previously addressed and clarified
this issue in informal guidance. For
example, in the July 2010 posting of its
RESPA Roundup,2 HUD’s Office of
RESPA and Interstate Land Sales noted
as follows:
Finally, we get the following question
frequently: If a service that was listed on the
GFE was not purchased, what should go into
the borrower’s column on Page 2 of the
HUD–1 and on the comparison chart on Page
3 of the HUD–1? If the consumer did not
purchase a service that was listed on the GFE
(usually owner’s title) there should be
nothing entered in that line on Page 2 of the
HUD–1 and the estimate of the charge should
not appear on the comparison chart on Page
3 of the HUD–1.
Because inquiries about estimates on
the HUD–1 has been a question
frequently asked, and to address any
remaining confusion, HUD revises the
first paragraph of the instructions for
Page 3 of the HUD–1 to clarify that the
amounts to be inserted in the
comparison chart are those for the
services that were purchased or
provided as part of the transaction, and
that no amount should be included on
Page 2 of the HUD–1 for any service that
was listed on the GFE, but was not
obtained in connection with the
transaction.
III. Findings and Certifications
Justification for Final Rulemaking
In general, HUD publishes a rule for
public comment before issuing a rule for
effect, in accordance with HUD’s
regulations on rulemaking at 24 CFR
part 10. Part 10, however, provides in
§ 10.1 for exceptions from that general
rule where HUD finds good cause to
omit advance notice and public
participation. The good cause
requirement is satisfied when the prior
public procedure is ‘‘impracticable,
unnecessary, or contrary to the public
interest.’’
HUD finds that good cause exists to
publish this rule for effect without
soliciting public comment, on the basis
that prior public procedure is
unnecessary. As discussed in this
preamble, this final rule merely makes
technical corrections and clarifying
amendments to the RESPA final rule
published on November 17, 2008. No
substantive changes are made by this
final rule.
Environmental Impact
Under 24 CFR 50.19(c)(2) of HUD’s
regulations, this rule is categorically
2 See http://portal.hud.gov/hudportal/documents/
huddoc?id=DOC_19681.pdf.
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excluded from environmental review
under the National Environmental
Policy Act of 1969 (42 U.S.C. 4321).
Federalism Impact
Executive Order 13132 (entitled
‘‘Federalism’’) prohibits an agency from
publishing any rule that has federalism
implications if the rule either: (i)
Imposes substantial direct compliance
costs on state and local governments
and is not required by statute, or (ii)
preempts state law, unless the agency
meets the consultation and funding
requirements of section 6 of the
Executive Order. This rule would not
have federalism implications and would
not impose substantial direct
compliance costs on state and local
governments or preempt state law
within the meaning of the Executive
Order.
Regulatory Flexibility Act
HUD is not required to publish a
notice of proposed rulemaking for this
technical corrections/clarifying
amendments final rule. Accordingly, the
Regulatory Flexibility Act is not
applicable to this final rule.
Unfunded Mandates Reform Act
Title II of the Unfunded Mandates
Reform Act of 1995 (2 U.S.C. 1531–
1538) (UMRA) requires Federal agencies
to assess the effects of their regulatory
actions on State, local, and tribal
governments and on the private sector.
This rule does not, within the meaning
of the UMRA, impose any Federal
mandates on any State, local, or tribal
governments nor on the private sector.
List of Subjects in 24 CFR Part 3500
Consumer protection, Condominiums,
Housing, Mortgagees, Mortgage
servicing, Reporting, and Recordkeeping
requirements.
For the reasons set out in the
preamble, this final rule amends part
3500 of title 24 of the Code of Federal
Regulations as follows:
PART 3500—REAL ESTATE
SETTLEMENT PROCEDURES ACT
1. The authority citation shall
continue to read as follows:
■
Authority: 12 U.S.C. 2601 et seq.; 42
U.S.C. 3535(d).
2. In § 3500.2, paragraph (b)(1)(ii)(D)
of the definition of ‘‘Federally related
mortgage loan’’ is revised to read as
follows:
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§ 3500.2
*
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(b) * * *
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Federally related mortgage loan or
mortgage loan means as follows:
*
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(D) Is made in whole or in part by a
‘‘creditor’’, as defined in section 103(g)
of the Consumer Credit Protection Act
(15 U.S.C. 1602(g)), that makes or
invests in residential real estate loans
aggregating more than $1,000,000 per
year. For purposes of this definition, the
term ‘‘creditor’’ does not include any
agency or instrumentality of any State,
and the term ‘‘residential real estate
loan’’ means any loan secured by
residential real property, including
single-family and multifamily
residential property;
*
*
*
*
*
■ 3. In § 3500.7, paragraphs (a)(4), (b)(4)
and (f) are revised to read as follows:
§ 3500.7
Good faith estimate or GFE.
(a) * * *
(4) The lender is not permitted to
charge, as a condition for providing a
GFE, any fee for an appraisal,
inspection, or other similar settlement
service. The lender may, at its option,
charge a fee limited to the cost of a
credit report. The lender may not charge
additional fees until after the applicant
has received the GFE and indicated an
intention to proceed with the loan
covered by that GFE. If the GFE is
mailed to the applicant, the applicant is
considered to have received the GFE 3
calendar days after it is mailed, not
including Sundays and the legal public
holidays specified in 5 U.S.C. 6103(a).
*
*
*
*
*
(b) * * *
(4) The mortgage broker is not
permitted to charge, as a condition for
providing a GFE, any fee for an
appraisal, inspection, or other similar
settlement service. The mortgage broker
may, at its option, charge a fee limited
to the cost of a credit report. The
mortgage broker may not charge
additional fees until after the applicant
has received the GFE and indicated an
intention to proceed with the loan
covered by that GFE. If the GFE is
mailed to the applicant, the applicant is
considered to have received the GFE 3
calendar days after it is mailed, not
including Sundays and the legal public
holidays specified in 5 U.S.C. 6103(a).
*
*
*
*
*
(f) Binding GFE. The loan originator is
bound, within the tolerances provided
in paragraph (e) of this section, to the
settlement charges and terms listed on
the GFE provided to the borrower,
unless a revised GFE is provided prior
to settlement consistent with this
paragraph (f) or the GFE expires in
accordance with paragraph (f)(4) of this
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40615
section. If a loan originator provides a
revised GFE consistent with this
paragraph, the loan originator must
document the reason that a revised GFE
was provided. Loan originators must
retain documentation of any reason for
providing a revised GFE for no less than
3 years after settlement.
(1) Changed circumstances affecting
settlement costs. If changed
circumstances result in increased costs
for any settlement services such that the
charges at settlement would exceed the
tolerances for those charges, the loan
originator may provide a revised GFE to
the borrower. If a revised GFE is to be
provided, the loan originator must do so
within 3 business days of receiving
information sufficient to establish
changed circumstances. The revised
GFE may increase charges for services
listed on the GFE only to the extent that
the changed circumstances actually
resulted in higher charges.
(2) Changed circumstances affecting
loan. If changed circumstances result in
a change in the borrower’s eligibility for
the specific loan terms identified in the
GFE, the loan originator may provide a
revised GFE to the borrower. If a revised
GFE is to be provided, the loan
originator must do so within 3 business
days of receiving information sufficient
to establish changed circumstances. The
revised GFE may increase charges for
services listed on the GFE only to the
extent that the changed circumstances
affecting the loan actually resulted in
higher charges.
(3) Borrower-requested changes. If a
borrower requests changes to the
mortgage loan identified in the GFE that
change the settlement charges or the
terms of the loan, the loan originator
may provide a revised GFE to the
borrower. If a revised GFE is to be
provided, the loan originator must do so
within 3 business days of the borrower’s
request. The revised GFE may increase
charges for services listed on the GFE
only to the extent that the borrowerrequested changes to the mortgage loan
identified on the GFE actually resulted
in higher charges.
(4) Expiration of GFE. If a borrower
does not express an intent to continue
with an application within 10 business
days after the GFE is provided, or such
longer time specified by the loan
originator pursuant to paragraph (c) of
this section, the loan originator is no
longer bound by the GFE.
(5) Interest rate dependent charges
and terms. If the interest rate has not
been locked, or a locked interest rate has
expired, the charge or credit for the
interest rate chosen, the adjusted
origination charges, per diem interest,
and loan terms related to the interest
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Federal Register / Vol. 76, No. 132 / Monday, July 11, 2011 / Rules and Regulations
rate may change. When the interest rate
is later locked, a revised GFE must be
provided showing the revised interest
rate-dependent charges and terms. The
loan originator must provide the revised
GFE within 3 business days of the
interest rate being locked or, for an
expired interest rate, re-locked. All
other charges and terms must remain
the same as on the original GFE, except
as otherwise provided in paragraph (f)
of this section.
(6) New construction home purchases.
In transactions involving new
construction home purchases, where
settlement is anticipated to occur more
than 60 calendar days from the time a
GFE is provided, the loan originator
may provide the GFE to the borrower
with a clear and conspicuous disclosure
stating that at any time up until 60
calendar days prior to closing, the loan
originator may issue a revised GFE. If no
such separate disclosure is provided,
the loan originator cannot issue a
revised GFE, except as otherwise
provided in paragraph (f) of this section.
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■ 4. In § 3500.8, the paragraph heading
of paragraph (c) is corrected to read as
follows:
amount for that service, and the estimate on
the GFE of the charge for the service should
not be included in any amounts shown on
the comparison chart on Page 3 of the HUD–
1. The comparison chart is comprised of
three sections: ‘‘Charges That Cannot
Increase’’, ‘‘Charges That Cannot Increase
More Than 10%’’, and ‘‘Charges That Can
Change’’.
§ 3500.8 Use of HUD–1 or HUD–1A
settlement statements.
ACTION:
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(c) Violations of section 4 of RESPA
(12 U.S.C. 2603). * * *
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■ 5. Appendix A to Part 3500 is
amended as follows:
■ a. Revise the Instructions for Lines
601 and 602.
■ b. Revise the first paragraph of the
Instructions for Page 3.
The revisions read as follows:
Appendix A to Part 3500—Instructions
for Completing HUD–1 and HUD–1a
Settlement Statements; Sample HUD–1
and HUD–1a Statements
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Lines 601 and 602 are summary lines for
the Seller. Enter the total in Line 420 on Line
601. Enter the total in Line 520 on Line 602.
*
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erowe on DSK5CLS3C1PROD with RULES
Page 3
Comparison of Good Faith Estimate (GFE)
and HUD–1/1A Charges
The HUD–1/1–A is a statement of actual
charges and adjustments. The comparison
chart on page 3 of the HUD–1 must be
prepared using the exact information and
amounts for the services that were purchased
or provided as part of the transaction, as that
information and those amounts are shown on
the GFE and in the HUD–1. If a service that
was listed on the GFE was not obtained in
connection with the transaction, pages 1 and
2 of the HUD–1 should not include any
VerDate Mar2010
15:08 Jul 08, 2011
Jkt 223001
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Dated: July 1, 2011.
Robert C. Ryan,
Acting Assistant Secretary for HousingFederal Housing Commissioner.
[FR Doc. 2011–17230 Filed 7–8–11; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 117
[Docket No. USCG–2011–0626]
RIN 1625–AA09
Drawbridge Operation Regulation; Old
River Channel of the Cuyahoga River,
Cleveland, OH
Coast Guard, DHS.
Notice of temporary deviation
from regulations.
AGENCY:
The Commander, Ninth Coast
Guard District, has issued a temporary
deviation from the regulations
governing the operation of the Willow
Street Bridge at mile 1.02 across the Old
River Channel of the Cuyahoga River in
Cleveland, OH. The deviation is
necessary to facilitate replacement of
machinery that operates the bridge. This
deviation allows the bridge to remain
secured to masted navigation during the
maintenance period.
DATES: This temporary deviation is
effective from January 31, 2012 through
February 21, 2012.
ADDRESSES: Documents mentioned in
this preamble as being available in the
docket, are part of docket USCG–2011–
0626 and are available online by going
to http://www.regulations.gov, inserting
USCG–2011–0626 in the ‘‘Keyword’’
box, and then clicking ‘‘Search.’’ They
are also available for inspection or
copying at the Docket Management
Facility (M–30), U.S. Department of
Transportation, West Building Ground
Floor, Room W12–140, 1200 New Jersey
Avenue, SE., Washington, DC 20590,
between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT: If
you have questions on this temporary
deviation, call or e-mail Mr. Lee D.
SUMMARY:
PO 00000
Frm 00024
Fmt 4700
Sfmt 9990
Soule, Bridge Management Specialist,
U.S. Coast Guard; telephone 216–902–
6085, e-mail lee.d.soule@uscg.mil. If you
have questions on viewing the docket,
call Renee V. Wright, Program Manager,
Docket Operations, telephone 202–366–
9826.
The
Willow Street Bridge, at mile 1.02 across
the Old River Channel of the Cuyahoga
River, at Cleveland, Ohio, has a vertical
clearance in the closed position of 12
feet and a horizontal clearance of 150
feet. There are no specific requirements
for this bridge in Subpart B of 33 CFR
117 and is therefore required to open on
signal at all times.
The bridge owner requested a
temporary deviation from the
regulations to facilitate the replacement
of the bridge operating machinery. The
work requires the bridge to be kept in
the closed position.
The Old River Channel of the
Cuyahoga River serves a tug company,
salt mine, road improvement, and
construction facilities that import or
export materials and services. One yacht
club and two marinas are also located
on this waterway. The Coast Guard
coordinated with the bridge owner and
the facilities on and adjacent to the
waterway to establish the dates of this
temporary deviation to be the least
disruptive to their operations.
Under this temporary deviation, the
Willow Street Bridge will remain
secured to masted navigation and will
not be required to open for any vessel
from January 31, 2012 through February
21, 2012. Vessels able to pass under the
bridge without an opening may do so at
anytime.
In accordance with 33 CFR 117.35(e),
the bridge must return to its regular
operating schedule immediately at the
end of the designated time period. This
deviation from the operating regulations
is authorized under 33 CFR 117.35.
SUPPLEMENTARY INFORMATION:
Dated: June 28, 2011.
Scot M. Striffler,
Bridge Program Manager, Ninth Coast Guard
District.
[FR Doc. 2011–17257 Filed 7–8–11; 8:45 am]
BILLING CODE 9110–04–P
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