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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.   

 
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
Timetable:
Action Date FR Cite
NPRM  08/00/2022 
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
Acting Director, Office of Single Family Asset Management
Department of Housing and Urban Development
Office of Housing
451 Seventh Street SW,
Washington, DC 20410
Phone:202 708-2121