1
See References in Text note below.
2
So in original. Probably should be “subparagraph”.
3
So in original. Probably should be “contendere”.
4
So in original. Probably should be “paragraph”.
5
So in original. Probably should be “and”.
References in Text
The Federal Credit Reform Act of 1990, referred to in subsec. (a)(1), is title V of [Pub. L. 93–344], as added by [Pub. L. 101–508, title XIII, § 13201(a)], Nov. 5, 1990, [104 Stat. 1388–609], which is classified generally to subchapter III (§ 661 et seq.) of chapter 17A of Title 2, The Congress. For complete classification of this Act to the Code, see Short Title note set out under section 621 of Title 2 and Tables.
Section 3537b(c) of title 42, referred to in subsec. (b)(5), was in the original “section 112(c) of the Department of Housing and Urban Development Reform Act of 1989”, meaning [section 112 of Pub. L. 101–235], which does not contain a subsec. (c), but enacted section 13 of the Department of Housing and Urban Development Act, which was classified to section 3537b of title 42 prior to repeal by [Pub. L. 104–65, § 11(b)(1)], Dec. 19, 1995, [109 Stat. 701], and which contained a subsec. (c) relating to registration with the Secretary.
The Equal Credit Opportunity Act, referred to in subsec. (c)(1), (3)(B), is title VII of [Pub. L. 90–321], as added by [Pub. L. 93–495, title V, § 503], Oct. 28, 1974, [88 Stat. 1521], which is classified generally to subchapter IV (§ 1691 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.
The Fair Housing Act, referred to in subsec. (c)(1), (3)(B), is title VIII of [Pub. L. 90–284], Apr. 11, 1968, [82 Stat. 81], which is classified principally to subchapter I (§ 3601 et seq.) of chapter 45 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see Short Title note set out under section 3601 of Title 42 and Tables.
Executive Order 11063, referred to in subsec. (c)(1), (3)(B), is set out as a note under section 1982 of Title 42.
This chapter, referred to in subsec. (c)(7)(A), was in the original “this Act”, meaning [act June 27, 1934, ch. 847], [48 Stat. 1246], which is classified principally to this chapter (§ 1701 et seq.). For complete classification of this Act to the Code, see Tables.
The effective date of this sentence, referred to in subsec. (c)(9), is the date of enactment of [Pub. L. 111–22], which enacted par. (9) and was approved May 20, 2009.
The S.A.F.E. Mortgage Licensing Act of 2008, referred to in subsec. (d)(2)(F), is title V of div. A of [Pub. L. 110–289], July 30, 2008, [122 Stat. 2810], also known as the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, which is classified generally to chapter 51 (§ 5101 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables.
Codification
Section 1709(s) of this title, which was transferred and redesignated as subsec. (e) of this section by [Pub. L. 110–289, div. B, title I, § 2116(3)], July 30, 2008, [122 Stat. 2832], was based on [act June 27, 1934, ch. 847, title II, § 203(s)], as added [Pub. L. 101–235, title I, § 135], Dec. 15, 1989, [103 Stat. 2028]; amended [Pub. L. 108–386, § 8(b)], Oct. 30, 2004, [118 Stat. 2231]; [Pub. L. 110–289, div. B, title I, § 2116(2)], July 30, 2008, [122 Stat. 2832].
Amendments
2026—Subsec. (a)(8). [Pub. L. 119–101, § 702], added par. (8).
Subsec. (g)(5). [Pub. L. 119–101, § 403(a)(1)(A)], realigned margins, added subpars. (A) to (C), and struck out former subpars. (A) and (B) which read as follows:
“(A) be certified—
“(i) by the State in which the property to be appraised is located; or
“(ii) by a nationally recognized professional appraisal organization; and
“(B) have demonstrated verifiable education in the appraisal requirements established by the Federal Housing Administration under this subsection.”
2022—Subsec. (b). [Pub. L. 117–286, § 4(a)(54)(A)], substituted “chapter 10 of title 5.” for “the Federal Advisory Committee Act.” in introductory provisions.
Subsec. (b)(10). [Pub. L. 117–286, § 4(a)(54)(B)], substituted “section 1006 of title 5,” for “Section 7 of the Federal Advisory Committee Act,”.
2010—Subsec. (f)(5). [Pub. L. 111–203, § 373(1)], added par. (5) and struck out former par. (5) which read as follows: “if the mortgagee is a national bank, or a subsidiary or affiliate of such a bank, the Comptroller of the Currency;”.
Subsec. (f)(6). [Pub. L. 111–203, § 373(2)], inserted “and” at end.
Subsec. (f)(7). [Pub. L. 111–203, § 373(3)], inserted “or State savings association” after “State bank” and substituted period for “; and” at end.
Subsec. (f)(8). [Pub. L. 111–203, § 373(4)], struck out par. (8) which read as follows: “if the mortgagee is a Federal or State savings association or a subsidiary or affiliate of a savings association, the Director of the Office of Thrift Supervision.”
2009—Subsec. (c)(2)(E). [Pub. L. 111–22, § 203(a)(1)(A)], inserted “and” after semicolon at end.
Subsec. (c)(2)(F). [Pub. L. 111–22, § 203(a)(1)(B)], substituted “or their designees.” for “; and”.
Subsec. (c)(2)(G). [Pub. L. 111–22, § 203(a)(1)(C)], struck out subpar. (G), which read as follows: “the Director of the Enforcement Center; or their designees.”
Subsec. (c)(9). [Pub. L. 111–22, § 203(a)(2)], added par. (9).
Subsecs. (d) to (g). [Pub. L. 111–22, § 203(b)(1)], (2), added subsec. (d) and redesignated former subsecs. (d) to (f) as (e) to (g), respectively.
Subsec. (h). [Pub. L. 111–22, § 203(b)(3)], added subsec. (h).
2008—Subsec. (a). [Pub. L. 110–289, § 2118(a)], amended subsec. (a) generally. Prior to amendment, text read as follows: “There is created a Mutual Mortgage Insurance Fund (hereinafter referred to as the ‘Fund’), which shall be used by the Secretary as a revolving fund for carrying out the provisions of this subchapter with respect to mortgages insured under section 1709 of this title as hereinafter provided, and there shall be allocated immediately to such Fund the sum of $10,000,000 out of funds made available to the Secretary for the purposes of this subchapter.”
Subsec. (e). [Pub. L. 110–289, § 2116(3)], transferred subsec. (s) of section 1709 of this title and redesignated it as subsec. (e) of this section. See Codification note above. Former subsec. (e) redesignated (f).
Subsec. (e)(3)(B). [Pub. L. 110–289, § 2116(1)(A)], made technical amendment to reference in original act which appears in text as reference to “this subsection”.
Subsec. (e)(5). [Pub. L. 110–289, § 1404], added par. (5).
Subsec. (f). [Pub. L. 110–289, § 2116(1)(B)], redesignated subsec. (e) as (f).
2000—Subsec. (c)(2)(E). [Pub. L. 106–377, § 1(a)(1) [title II, § 209(c)(1)]], struck out “and” at end.
Subsec. (c)(2)(F). [Pub. L. 106–377, § 1(a)(1) [title II, § 209(c)(2)]], which directed substitution of “and” for “or their designees.”, was executed by inserting “and” after semicolon to reflect the probable intent of Congress, because the phrase “or their designees.” appeared at end of par. (2) and did not appear in subpar. (F).
Subsec. (c)(2)(G). [Pub. L. 106–377, § 1(a)(1) [title II, § 209(c)(3)]], added subpar. (G).
1997—Subsec. (c)(3)(C). [Pub. L. 105–65] inserted after first sentence “Notwithstanding paragraph (4)(A), a suspension shall be effective upon issuance by the Board if the Board determines that there exists adequate evidence that immediate action is required to protect the financial interests of the Department or the public.”
1992—Subsec. (b)(11). [Pub. L. 102–550, § 502], added par. (11).
Subsec. (c)(3)(C). [Pub. L. 102–550, § 518], inserted “temporarily” after “order”, “(i)” after “Administration if”, “(ii)” after “violations and”, and “, and for not longer than 1 year. The Board may extend the suspension for an additional 6 months if it determines the extension is in the public interest. If the Board and the mortgagee agree, these time limits may be extended” after “6 months”.
Subsec. (c)(6)(D). [Pub. L. 102–550, § 519(1)], struck out subpar. (D) which read as follows: “For purposes of this paragraph, the term ‘mortgagee’ means a mortgagee, a branch office or subsidiary of a mortgagee, or a director, officer, employee, agent, or other person participating in the conduct of the affairs of such mortgagee.”
Subsec. (c)(7), (8). [Pub. L. 102–550, § 519(2)], added par. (7) and redesignated former par. (7) as (8).
1990—Subsec. (e)(3), (4). [Pub. L. 101–625] added pars. (3) and (4).
1989—[Pub. L. 101–235] substituted “Federal Housing Administration operations” for “Mutual Mortgage Insurance Fund” in section catchline, designated existing provisions as subsec. (a) and inserted heading, and added subsecs. (b) to (e).
1967—[Pub. L. 90–19] substituted “Secretary” for “Commissioner” wherever appearing.
1950—Act Apr. 20, 1950, substituted “Commissioner” for “Administrator” wherever appearing.
1939—Act June 3, 1939, substituted “created” for “create”.
1938—Act Feb. 3, 1938, inserted “with respect to mortgages insured under section 1709 of this title”.
Statutory Notes and Related Subsidiaries
Change of Name
Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by [section 1(a) of Pub. L. 104–14], set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.
Effective Date of 2010 Amendment
Amendment by [Pub. L. 111–203] effective on the transfer date, see [section 351 of Pub. L. 111–203], set out as a note under section 906 of Title 2, The Congress.
Implementation of Amendment by [Pub. L. 119–101]
[Pub. L. 119–101, title IV, § 403(a)(3)], July 11, 2026, [140 Stat. 899], provided that: “Not later than the 240 days after the date of enactment of this Act [July 11, 2026], the Secretary of Housing and Urban Development shall issue a mortgagee letter or guidance that—“(A)
implements the amendments made by paragraph (1) [amending this section];
“(B)
clearly sets forth all of the specific requirements under section 202(g)(5) of the National Housing Act (
12 U.S.C. 1708(g)(5)), as amended by paragraph (1), for approval to conduct appraisals on property secured by a mortgage to be insured by the Federal Housing Administration, which shall include—
“(i)
providing that, before the effective date of the mortgagee letter or guidance, compliance with the requirements under subparagraphs (A), (B), and (C) of such section 202(g)(5), as amended by paragraph (1), shall be considered to fulfill the requirements under such subparagraphs; and
“(ii)
providing a method for appraisers to demonstrate such prior compliance; and
“(C)
takes effect not later than the date that is 180 days after the date on which the Secretary issues the mortgagee letter or guidance.”
FHA Small-Dollar Mortgages
[Pub. L. 119–101, title I, § 105], July 11, 2026, [140 Stat. 852], provided that:“(a)
In General.—
Not later than 1 year after the date of the enactment of this section [July 11, 2026], the Secretary of Housing and Urban Development, acting through the Federal Housing Commissioner, may establish a pilot program to increase access to small-dollar mortgages for mortgagors, which may include—
“(1)
authorizing direct payments to mortgagees to incentivize the origination of small-dollar mortgages;
“(2)
adjusting terms and costs imposed by the Federal Housing Administration with respect to small-dollar mortgages;
“(3)
providing direct grants for mortgagors who obtain small-dollar mortgages to cover costs associated with—
“(4)
conducting outreach to potential mortgagors about the availability of small-dollar mortgages; and
“(5)
providing technical assistance for mortgagees that originate small-dollar mortgages.
“(b)
Report.—
Beginning not later than 1 year after the establishment of the pilot program under subsection (a) and ending 1 year after the sunset of the pilot program, the Federal Housing Commissioner shall submit to Congress an annual report that—
“(1)
tracks and evaluates the outcomes of small-dollar mortgages originated by mortgagees as a result of support provided under subsection (a);
“(2)
analyzes risks of the pilot program to the solvency of the Mutual Mortgage Insurance Fund;
“(3)
includes data with respect to—
“(A)
the number of small-dollar mortgages originated in the 10-year period preceding the date of enactment of this section, including small-dollar mortgages insured or guaranteed by the Federal Government and small-dollar mortgages not insured by the Federal Government;
“(B)
the original principal balance of each small-dollar mortgage identified under subparagraph (A);
“(C)
demographic information about the mortgagors associated with each such small-dollar mortgages; and
“(D)
the number and type of mortgagees that offer small-dollar mortgages;
“(4)
provides a description of the fixed costs that are associated with mortgages and the impact of such costs on the ability of lenders to earn a market rate return on small-dollar mortgages; and
“(5)
includes analysis, by regions of the United States, including rural regions, that identifies regions with the greatest need for, and the highest likelihood of, the origination of small-dollar mortgages and regions that could benefit the most from increased availability of small-dollar mortgages.
“(c)
Sunset.—
The pilot program established under subsection (a) shall terminate on the date that is 4 years after the date on which the pilot program is established under subsection (a).
“(d)
Expiration of Authority.—
After the expiration of the 3-year period beginning on the date of enactment of this section, neither the Federal Housing Commissioner nor the Secretary of Housing and Urban Development may newly establish a pilot program to increase access to small-dollar mortgages for mortgagors.
“(e)
Small-dollar Mortgage Defined.—
The term ‘small-dollar mortgage’ means a mortgage that—
“(1)
has an original principal balance of $100,000 or less; and
“(2)
is secured by a 1- to 4-unit property that is the principal residence of the mortgagor.”
Application of Certification or Licensing Appraisal Standards
[Pub. L. 119–101, title IV, § 403(a)(1)(B)], July 11, 2026, [140 Stat. 899], provided that: “Subparagraph (C) of section 202(g)(5) of the National Housing Act (12 U.S.C. 1708(g)(5)), as added by subparagraph (A), shall not apply with respect to any certified appraiser approved by the Federal Housing Administration to conduct appraisals on property securing a mortgage to be insured by the Federal Housing Administration on or before the effective date described in paragraph (3)(C) [of [section 403(a) of Pub. L. 119–101], set out above].”
Compliance with Verifiable Education and Competency Requirements
[Pub. L. 119–101, title IV, § 403(a)(2)], July 11, 2026, [140 Stat. 899], provided that: “On and after the effective date described in paragraph (3)(C) [of [section 403(a) of Pub. L. 119–101], set out above], no appraiser may conduct an appraisal on a property securing a mortgage to be insured by the Federal Housing Administration unless—“(A)
the appraiser is in compliance with the requirements of subparagraphs (A) and (B) of section 202(g)(5) of the National Housing Act (
12 U.S.C. 1708(g)(5)), as amended by paragraph (1); and
“(B)
if the appraiser was not approved by the Federal Housing Administration to conduct appraisals on mortgages insured by the Federal Housing Administration before the date on which the mortgagee letter or guidance takes effect under paragraph (3)(C), the appraiser is in compliance with subparagraph (C) of such section 202(g)(5).”
Expanded Review of FHA Mortgagee Applicants and Newly Approved Mortgagees
[Pub. L. 111–22, div. A, title II, § 203(g)], May 20, 2009, [123 Stat. 1648], provided that: “Not later than the expiration of the 3-month period beginning upon the date of the enactment of this Act [May 20, 2009], the Secretary of Housing and Urban Development shall—“(1)
expand the existing process for reviewing new applicants for approval for participation in the mortgage insurance programs of the Secretary for mortgages on 1- to 4-family residences for the purpose of identifying applicants who represent a high risk to the Mutual Mortgage Insurance Fund; and
“(2)
implement procedures that, for mortgagees approved during the 12-month period ending upon such date of enactment—
“(A)
expand the number of mortgages originated by such mortgagees that are reviewed for compliance with applicable laws, regulations, and policies; and
“(B)
include a process for random reviews of such mortgagees and a process for reviews that is based on volume of mortgages originated by such mortgagees.”