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NRMLA Submits Comments to HUD on LIBOR Transition

NRMLA Submits Comments to HUD on LIBOR Transition

In comments submitted to the Department of Housing and Urban Development this week, NRMLA provided answers to 14 questions posed by HUD in an October 5 notice pertaining to the ongoing transition away from the London Interbank Offered Rate (LIBOR) index.
 
HUD will use the feedback it collects from the mortgage industry (both forward and reverse) to craft a proposed rule. In its comments, NRMLA recommended replacement indices and timelines that servicers will need to transition existing HECMs to a new index.
 
Members can read the complete set of comments by logging into the Comment Letters section of NRMLAonline.org.

Published by

Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.