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Home Equity Conversion Mortgages for Lenders (HECMs)

On October 27, 2016, FHA published Mortgagee Letter 2016-16, which announces a change in the source for the 10-Year London Interbank Offered Rate (LIBOR) swap rate from the Federal Reserve Board’s Selected Interest Rate Statistical Release (H.15) publication to the Intercontinental Exchange (ICE) Benchmark Administration.

On September 26, 2016, FHA announced that it plans to issue guidance that would extend the October 3, 2016, effective date for revisions to the HECM Servicing Fee Set-Aside compounding interest rate (growth rate).  Read more in FHA INFO 16-62.

As announced with Mortgagee Letter 2016-10 on July 13, 2016, the revised HECM Financial Assessment and Property Charge Guide is effective for HECM case numbers assigned on or after October 3, 2016.



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