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HUD/OH | RIN: 2502-AI79 | Publication ID: Spring 2013 |
Title: Federal Housing Administration (FHA): Strengthening the Home Equity Conversion Mortgages (HECM) Program to Promote Sustained Homeownership (FR-5353) | |
Abstract: HUD is taking another step to reform and strengthen the mortgage insurance functions and responsibilities of the Federal Housing Administration (FHA), and concomitantly protect the individuals and families that use FHA-mortgage products. This proposed rule would revise the regulations governing FHA's Home Equity Conversion Mortgage (HECM) program, which is FHA's reverse mortgage program that enables senior homeowners who have equity in their homes to withdraw a portion of the accumulated equity. The proposed rule would include several provisions regarding servicing and claims processing and would also cap the amount of insurance benefits paid in connection with a claim involving amounts advanced by the mortgagee on behalf of a HECM mortgagor who fails to pay such property charges when the HECM proceeds have been exhausted. The proposed rule would also establish a new property inspection requirement to insure that homes secured with a HECM mortgage are adequately maintained and meet applicable property standards. The proposed rule would also make several non-substantive changes to reflect the statutory flexibility provided to HUD in establishing the mortgage insurance premiums for FHA-insured mortgages, conform the regulations to existing HUD interpretations and industry practices regarding HECM program requirements, and reduce administrative paperwork | |
Agency: Department of Housing and Urban Development(HUD) | Priority: Other Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 24 CFR 206.19 24 CFR 206.32 24 CFR 206.25 24 CFR 206.27 24 CFR 206.29 24 CFR 206.38.24 24 CFR 206.51 24 CFR 206.53 24 CFR 206.105 24 CFR 206.107 24 CFR 206.124 24 CFR 206.129 24 CFR 206.140, 206.142 24 CFR 206.203, 19 24 CFR 206.58 24 CFR 206.47 | |
Legal Authority: 12 USC 1715b, 1715z to 1720 42 USC 3535(d) |
Legal Deadline:
None |
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Timetable:
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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: Patricia J. McClung Acting Office of Single Family Programs, Office of Housing Department of Housing and Urban Development Office of Housing 451 7th Street SW., Washington, DC 20410 Phone:202 708-2121 |