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HUD/OH | RIN: 2502-AJ56 | Publication ID: Fall 2021 |
Title: Single Family Home Equity Conversion Mortgage Program Reform | |
Abstract:
This proposed rule would revise HUD policy concerning the Home Equity Conversion Mortgage Program (HECM). HECM was designed to provide senior citizens a mechanism to utilize the equity in their homes. This program has been costly to FHA as claims on the HECM program have cost the Mutual Mortgage Insurance fund billions of dollars in recent years, but has also created operational burdens and complexity in programmatic requirements that have limited the accessibility to the program for the population it was meant to serve. FHA must develop changes that ensure the program is fiscally sustainable, while still serving the needs of seniors. To address these concerns, HUD proposes to establish certain changes to the HECM program, including providing additional Borrower protections consistent with the goals of the Program, ensuring uniformity in servicing requirements across the portfolio, providing that mortgagees will retain the servicing of the HECM rather than assigning it to HUD, and codifying other provisions issued previously under the Reverse Mortgage Stabilization Act. |
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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 | |
Legal Authority: 12 U.S.C. 1709 12 U.S.C. 1715b 12 U.S.C. 1715u 12 U.S.C. 1715z-16 12 U.S.C. 1717z-21 42 U.S.C. 3535d |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: Undetermined |
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 7th Street SW, Washington, DC 20410 Phone:202 708-1672 |