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HUD/OH RIN: 2502-AJ51 Publication ID: Fall 2022 
Title: Removal of LIBOR as Interest Rate Index and Approval of a Replacement Index (FR-6151) 
Abstract:

FHA uses the London Interbank Offered Rate (LIBOR) in determining interest rates on Adjustable Rate Mortgages. The LIBOR index will no longer be published in June 2023.  The Secured Overnight Financing Rate (SOFR) is considered the likely successor to LIBOR. HUD seeks to revise its regulations to replace LIBOR as an available interest rate index in its programs that utilize adjustable rate mortgages and to establish a comparable index for the administration of existing LIBOR based mortgages.

 
Agency: Department of Housing and Urban Development(HUD)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 24 CFR 203    24 CFR 206   
Legal Authority: 12 U.S.C. 1709 and 1710    12 U.S.C. 1715b    12 U.S.C. 1715z-16    12 U.S.C. 1715u    42 U.S.C. 3535(d)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
ANPRM  10/05/2021  86 FR 54876   
ANPRM Comment Period End  12/06/2021 
NPRM  10/19/2022  87 FR 63458   
NPRM Comment Period End  11/18/2022 
Final Action  04/00/2023 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Elissa Saunders
Director, Office of Single Family Asset Management
Department of Housing and Urban Development
Office of Housing
100 South Charles Street , 11th Floor,
Baltimore, MD 21201
Phone:202 402-2378