12 2 STA T . 2 847PUBLIC LA W 11 0– 28 9—J UL Y3 0 , 2008 the e x e cu t ion o fa n y ex pr e s s d e l e g ation of po w er or power of attorney .N othing in this su b section shall be construed to pre v ent the S ecretary fro m delegating such power by order or by power of attorney , in the Secretary ’ s discretion, to any officer or agent the Secretary may appoint.’’. SEC.2148 . R E VI SI ON O FU N D ER W RI T IN G CRITERI A . ( a )INGE NE RAL . — Subsection (b) of section 2 of the National H ousing A ct( 1 2 U .S. C . 1 703 (b)), as amended by the preceding provisions of this title, is further amended by adding at the end the following new paragraph
- ‘
‘(10) FI NAN C IAL SOU N D NESS O FM ANUFAC T URED H OUSIN GP ROGRAM.— T he Secretary shall establish such underwriting cri - teria for loans and advances of credit in connection with a manufactured home or a lot on which to place a manufactured home (or both), including such loans and advances represented by obligations purchased by financial institutions, as may be necessary to ensure that the program under this title for insur- ance for financial institutions against losses from such loans, advances of credit, and purchases is financially sound.’’. (b) TIMING.—Not later than the expiration of the 6 -month period beginning on the date of the enactment of this title, the Secretary of Housing and Urban D evelopment shall revise the existing under- writing criteria for the program referred to in paragraph (10) of section 2(b) of the National Housing Act (as added by subsection (a) of this section) in accordance with the re q uirements of such paragraph. SEC. 214 9 . P RO H I B ITION AGAINST K ICKBACKS AND UNEARNED FEES. Title I of the National Housing Act is amended by adding at the end of section 9 the following new section: ‘ ‘SEC. 1 0 . PROHIBITION AGAINST KICKBACKS AND UNEARNED FEES. ‘‘(a) IN GENERAL.— E xcept as provided in subsection (b), the provisions of sections 3, 8 , 16, 17, 18,and 19 of the Real Estate Settlement P rocedures Act of 197 4 (12 U.S.C. 2601 et seq.) shall apply to each sale of a manufactured home financed with an FHA- insured loan or extension of credit, as well as to services rendered in connection with such transactions. ‘‘(b) AUTHORIT Y OF THE SECRETARY.—The Secretary is author- i z ed to determine the manner and extent to which the provisions of sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) may reasonably be applied to the transactions described in subsection (a), and to grant such exemptions as may be necessary to achieve the purposes of this section. ‘‘(c) DEFINITIONS.—For purposes of this section— ‘‘(1) the term ‘federally related mortgage loan’ as used in sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) shall include an FHA-insured loan or extension of credit made to a borrower for the purpose of purchasing a manufactured home that the borrower intends to occupy as a personal residence
and ‘‘(2) the term ‘real estate settlement service’ as used in sections 3, 8, 16, 17, 18, and 19 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) shall include any service rendered in connection with a loan or extension 12USC 1 706f. 12 USC 170 3note .
�
