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U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, D. C. 20410-8000

June 15, 1990
OFFICE OF THE ASSISTANT SECRETARY FOR
HOUSING-FEDERAL HOUSING COMMISSIONER
Mortgagee Letter 90-19
         TO:  ALL APPROVED MORTGAGEES
         SUBJECT: Processing of Assumption Transactions by Authorized
                  Agents
 
              With the issuance of this letter, HUD will allow authorized
         agents to accept and underwrite on behalf of their supervised
         principals assumption transactions that require credit review and
         approval.  This should facilitate and expedite assumption
         processing.
 
              The authorized agent and principal arrangement must be
         established in accordance with the requirements of HUD Handbook
         4060.1, Paragraph 2-2 and HUD Handbook 4000.4, Paragraph 2-12.
         No additional fees beyond those currently permitted may be
         charged by lenders that choose to use this arrangement.
 
              If you have any questions concerning this letter, please
         contact your local HUD office.
 
                                             Very sincerely yours,
 
                                             C. Austin Fitts
                                             Assistant Secretary for
                                               Housing-Federal Housing
                                               Commissioner