The Rural Housing Service (RHS), part of the U.S. Department of Agriculture, issued a rule to modify regulations on Special Servicing Options and the Mortgage Recovery Advance process. This final rule, initially set to take effect on February 11, 2025, has been postponed to April 14, 2025. A correction regarding this effective date was published in the Federal Register to reflect these changes. Christine Mechtly, the Acting Administrator of the Rural Housing Service, announced the update.
Simple Explanation
The Rural Housing Service wants to change some rules about how they help people with their home loans, but they decided to wait a little longer before starting these changes. The new start date for these changes is now April 14, 2025, instead of February 11, 2025.