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HUD/OH RIN: 2502-AJ51 Publication ID: Spring 2020 
Title: Removal of LIBOR as Interest Rate Index Under 24 CFR 203 and 24 CFR 206 (FR-6151) 
Abstract:

FHA uses the London Interbank Offered Rate (LIBOR) in determining interest rates on Adjustable Rate Mortgages.  The LIBOR will be replaced with a new benchmark in 2021. The Secured Overnight Financing Rate (SOFR) is considered the likely successor to LIBOR. HUD seeks to revise the regulations to replace the LIBOR as the rate used to determine interest rates.

 
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 
EO 13771 Designation: Other 
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
NPRM  09/00/2020 
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 Program Development
Department of Housing and Urban Development
Office of Housing
451 Seventh Street SW,
Washington, DC 20410
Phone:202 708-2121