Home Equity Conversion Mortgage (HECM) Program: Mortgagee Optional Election Assignment for Home Equity Conversion Mortgages (HECMs) With FHA Case Numbers Assigned Prior to August 4, 2014-Solicitation of Comment, 6743-6744 [2015-02452]

Download as PDF Federal Register / Vol. 80, No. 25 / Friday, February 6, 2015 / Notices 3003A; 3003B 3003A Ann’s Point Road Beaufort SC Landholding Agency: Navy Property Number: 77201510005 Status: Unutilized Directions: 3003A; 3003B Comments: properties located within an Airport runway clear zone. Reasons: Within airport runway clear zone Seventh Day Church, Bldg. 3002 Intersection of Stanley Farm Road & Laurel Bay Road Beaufort SC Landholding Agency: Navy Property Number: 77201510006 Status: Unutilized Comments: properties located within an Airport runway clear zone. Reasons: Within airport runway clear zone 10 Buildings MCRD Parris Island MCRD Parris Island SC Landholding Agency: Navy Property Number: 77201510007 Status: Excess Directions: 410; 417; 418; 419; 420; 421; 422; 423; 424; 771 Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Tennessee 4 Buildings 320 Post Ave. McGhee Tyson ANG Base Louisville TN 37777 Landholding Agency: Air Force Property Number: 18201510005 Status: Underutilized Directions: Bldg. 261; 254; 245; 271 Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Utah asabaliauskas on DSK5VPTVN1PROD with NOTICES Washington 4 Buildings Naval Base Kitsap Bangor Bremerton WA 98314 Landholding Agency: Navy Property Number: 77201510004 Status: Unutilized Directions: B–6034; B–6035; B–6036; B–6037 Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area BILLING CODE 4210–67–P VerDate Sep<11>2014 18:52 Feb 05, 2015 Jkt 235001 [Docket No. FR–5735–N–04] Home Equity Conversion Mortgage (HECM) Program: Mortgagee Optional Election Assignment for Home Equity Conversion Mortgages (HECMs) With FHA Case Numbers Assigned Prior to August 4, 2014—Solicitation of Comment Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD. ACTION: Notice. AGENCY: On January 29, 2015, the Federal Housing Administration (FHA) issued Mortgagee Letter 2015–03, setting out an alternative path to claim payment—the Mortgagee Optional Election Assignment—for certain HECMs. FHA issued this Mortgagee Letter pursuant to the authority granted to it in the Reverse Mortgage Stabilization Act of 2013 and Section 230 of the National Housing Act. This alternative path to claim payment is necessary in order to ensure the financial viability of the HECM program and the FHA insurance funds. The mortgagee letter was issued for immediate effect and only applies to HECMs assigned an FHA Case Number prior to August 4, 2014, where there is a Non-Borrowing Spouse. This notice solicits comment for a period of 30 days on the alternative option for claim payment announced in Mortgagee Letter 2015–03. DATES: Comment Due Date: March 9, 2015. SUMMARY: Interested persons are invited to submit comments regarding this notice to the Regulations Division, Office of General Counsel, Department of Housing and Urban Development, 451 7th Street SW., Room 10276, Washington, DC 20410–0500. Communications must refer to the above docket number and title. There are two methods for submitting public comments. All submissions must refer to the above docket number and title. 1. Submission of Comments by Mail. Comments may be submitted by mail to the Regulations Division, Office of General Counsel, Department of Housing and Urban Development, 451 7th Street SW., Room 10276, Washington, DC 20410–0500. 2. Electronic Submission of Comments. Interested persons may submit comments electronically through the Federal eRulemaking Portal at www.regulations.gov. HUD strongly encourages commenters to submit ADDRESSES: Salt Lake City Air Nat’l Guard Base, Bldg. #1522 765 N. 2200 West Salt Lake City UT 84116–2999 Landholding Agency: Air Force Property Number: 18201510003 Status: Unutilized Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area [FR Doc. 2015–02260 Filed 2–5–15; 8:45 am] DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 6743 comments electronically. Electronic submission of comments allows the commenter maximum time to prepare and submit a comment, ensures timely receipt by HUD, and enables HUD to make them immediately available to the public. Comments submitted electronically through the www.regulations.gov Web site can be viewed by other commenters and interested members of the public. Commenters should follow the instructions provided on that site to submit comments electronically. Note: To receive consideration as public comments, comments must be submitted through one of the two methods specified above. Again, all submissions must refer to the docket number and title of the notice. No Facsimile Comments. Facsimile (FAX) comments are not acceptable. Public Inspection of Public Comments. All properly submitted comments and communications submitted to HUD will be available for public inspection and copying between 8 a.m. and 5 p.m. weekdays at the above address. Due to security measures at the HUD Headquarters building, an appointment to review the public comments must be scheduled in advance by calling the Regulations Division at 202–708–3055 (this is not a toll-free number). Individuals with speech or hearing impairments may access this number via TTY by calling the Federal Relay Service at 1–800–877– 8339 (this is a toll-free number). Copies of all comments submitted are available for inspection and downloading at www.regulations.gov. FOR FURTHER INFORMATION CONTACT: Ivery Himes, Director, Office of Single Family Asset Management, Office of Housing, Department of Housing and Urban Development, 451 7th Street SW., Room 9172, Washington, DC 20410; telephone number 202–708–1672 (this is not a toll-free number). Persons with hearing or speech impairments may access this number by calling the Federal Relay Service at 800–877–8339 (this is a toll-free number). SUPPLEMENTARY INFORMATION: FHA has a statutory obligation to ensure the fiscal soundness of the FHA insurance funds and must take into account the financial and administrative burden of any potential alternative to claim payment that may be afforded to mortgagees holding any eligible HECMs that were assigned FHA Case Numbers prior to August 4, 2014. FHA also has the ability, pursuant to the Reverse Mortgage Stabilization Act of 2013 (Pub. L. 113–29), to establish, by notice or mortgagee letter, any additional or alternative requirements that the E:\FR\FM\06FEN1.SGM 06FEN1 6744 Federal Register / Vol. 80, No. 25 / Friday, February 6, 2015 / Notices Secretary, in the Secretary’s discretion, determines are necessary to improve the fiscal safety and soundness of the HECM program authorized by section 255 of the National Housing Act. FHA provided two alternative paths to claim payment in pending litigation: The Hold Election and the Mortgagee Optional Election Assignment, which are further discussed in Mortgagee Letter 2015–03.1 When analyzed in the aggregate, these options are costly; either option, even if offered alone, poses a significant financial impact to the FHA insurance funds. The Hold Election, when applied to the potential universe of mortgages involving NonBorrowing Spouses of HECM borrowers, imposes a financial risk to the insurance funds that is simply too great. FHA’s obligation to protect the soundness of the insurance funds makes it impossible to offer this option broadly. Even though the Mortgagee Optional Election Assignment also poses a financial risk to the FHA insurance funds, the risk is significantly less; therefore, FHA has determined that the only alternative path to claim payment that FHA will permit mortgagees to elect, pursuant to Mortgagee Letter 2015–03, is the Mortgagee Optional Election Assignment. In Mortgagee Letter 2015–03, FHA set out the Mortgagee Optional Election Assignment path to claim payment for existing HECMs with FHA Case Numbers issued prior to August 4, 2014. FHA alerted mortgagees that aside from the present procedures for either the sale of the home or foreclosure of the HECM in accordance with the contract as endorsed, or the Mortgagee Optional Election Assignment alternative, no other path to claim payment exists. Comments on the changes announced in Mortgagee Letter 2015–03 will be accepted for a period of 30 days and will be considered by HUD. Dated: February 3, 2015. Biniam Gebre, Acting Assistant Secretary for Housing— Federal Housing Commissioner. [FR Doc. 2015–02452 Filed 2–5–15; 8:45 am] asabaliauskas on DSK5VPTVN1PROD with NOTICES BILLING CODE 4210–67–P 1 Mortgagee Letter 2015–03 is available at https:// portal.hud.gov/hudportal/documents/ huddoc?id=15-03ml.pdf. VerDate Sep<11>2014 18:52 Feb 05, 2015 Jkt 235001 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–5843–N–02] Computer Matching and Privacy Protection Act of 1988—Computer Matching Program Between the U.S. Department of Housing and Urban Development (HUD), Office of Inspector General (OIG) and the Office of Personnel Management (OPM) Office of the Chief Information Officer, HUD. ACTION: Notice of a new computer matching program between HUD OIG and OPM. AGENCY: Pursuant to the Computer Matching and Privacy Protection Act (CMPPA) of 1988, as amended, and in accordance with the requirements of the Privacy Act of 1974 (5 U.S.C. 552a), as amended, HUD OIG is providing notice of its intent to execute a new computer matching agreement with OPM for a matching program initiated by HUD’s OIG involving comparisons of income data provided by participants in HUD’s various rental housing assistance programs with independent income sources available in OPM systems of records. This computer match is similar to matches that were previously published in the Federal Register on March 9, 2004 (69 FR 11033) and January 27, 2005 (70 FR 3939). DATES: Effective Date: HUD OIG will file a report of the subject matching program with the Committee on Oversight and Government Reform of the Housing of Representatives, the Committee on Homeland Security and Governmental Affairs of the Senate, and the Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs. The matching program will become effective as cited in Section V of this notice. Comments Due Date: March 9, 2015. ADDRESSES: Interested persons are invited to submit comments regarding this notice to the Rules Docket Clerk, Office of General Counsel, Department of Housing and Urban Development, 451 Seventh Street SW., Room 10276, Washington, DC 20410–3000. Communications should refer to the above docket number and title. Comments sent by fax are not acceptable. A copy of each communication submitted will be available for public inspection and copying between 8:00 a.m. and 5:00 p.m., weekdays at the above address. FOR FURTHER INFORMATION CONTACT: For Privacy Act inquiries, contact: Donna Robinson-Staton, Chief Privacy Officer, SUMMARY: PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 Department of Housing and Urban Development, 451 Seventh Street SW., Capital View Building, 4th Floor, Washington, DC 20410, telephone number (202) 402–8073. For legal inquiries, contact: Jeremy Kirkland, Counsel to the Inspector General, Department of Housing and Urban Development, Office of Inspector General, 451 Seventh Street SW., Room 8260, Washington, DC 20410, (202) 708– 1613. For computer matching program inquiries, contact Nicole Faison, Deputy Director for the Data and Predictive Analytics Division, Department of Housing and Urban Development, Office of Inspector General, 451 Seventh Street SW., Room 8254, Washington, DC 20410, (202) 402–2445. A telecommunications device for hearingand speech-impaired individuals (TTY) is available at (800) 877–8339 (Federal Information Relay Service). SUPPLEMENTARY INFORMATION: The Computer Matching and Privacy Protection Act (CMPPA) of 1988, an amendment to the Privacy Act of 1974 (5 U.S.C. 552a), OMB’s guidance on this statute entitled ‘‘Final Guidance Interpreting the Provisions of Public Law 100–503, and OMB Circular No. A– 130 requires publication of notices of computer matching programs. Appendix I to OMB’s Revision of Circular No. A– 130, ‘‘Transmittal Memorandum No. 4, Management of Federal Information Resources,’’ prescribes Federal agency responsibilities for maintaining records about individuals. In compliance with the CMPPA and Appendix I to OMB Circular No. A–130, copies of this notice are being provided to the Committee on Government Reform and Oversight of the House of Representatives, the Committee of Homeland Security and Governmental Affairs of the Senate, and OMB’s Office of Information and Regulatory Affairs. I. Authority This matching program is being conducted pursuant to the Improper Payments Elimination and Recovery Improvement Act of 2012 (Pub. L. 112– 248); section 542(b) of the 1998 Appropriations Act (Pub. L. 105–65); section 904 of the Stewart B. McKinney Homeless Assistance Amendments Act of 1988 (42 U.S.C. 3544); section 165 of the Housing and Community Development Act of 1987 (42 U.S.C. 3543); the National Housing Act (12 U.S.C. 1701–1750g); the United States Housing Act of 1937 (42 U.S.C. 1437– 1437z); section 101 of the Housing and Community Development Act of 1965 (12 U.S.C. 1701s); the Native American Housing Assistance and Self- E:\FR\FM\06FEN1.SGM 06FEN1

Agencies

[Federal Register Volume 80, Number 25 (Friday, February 6, 2015)]
[Notices]
[Pages 6743-6744]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02452]


-----------------------------------------------------------------------

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5735-N-04]


Home Equity Conversion Mortgage (HECM) Program: Mortgagee 
Optional Election Assignment for Home Equity Conversion Mortgages 
(HECMs) With FHA Case Numbers Assigned Prior to August 4, 2014--
Solicitation of Comment

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: On January 29, 2015, the Federal Housing Administration (FHA) 
issued Mortgagee Letter 2015-03, setting out an alternative path to 
claim payment--the Mortgagee Optional Election Assignment--for certain 
HECMs. FHA issued this Mortgagee Letter pursuant to the authority 
granted to it in the Reverse Mortgage Stabilization Act of 2013 and 
Section 230 of the National Housing Act. This alternative path to claim 
payment is necessary in order to ensure the financial viability of the 
HECM program and the FHA insurance funds. The mortgagee letter was 
issued for immediate effect and only applies to HECMs assigned an FHA 
Case Number prior to August 4, 2014, where there is a Non-Borrowing 
Spouse. This notice solicits comment for a period of 30 days on the 
alternative option for claim payment announced in Mortgagee Letter 
2015-03.

DATES: Comment Due Date: March 9, 2015.

ADDRESSES: Interested persons are invited to submit comments regarding 
this notice to the Regulations Division, Office of General Counsel, 
Department of Housing and Urban Development, 451 7th Street SW., Room 
10276, Washington, DC 20410-0500. Communications must refer to the 
above docket number and title. There are two methods for submitting 
public comments. All submissions must refer to the above docket number 
and title.
    1. Submission of Comments by Mail. Comments may be submitted by 
mail to the Regulations Division, Office of General Counsel, Department 
of Housing and Urban Development, 451 7th Street SW., Room 10276, 
Washington, DC 20410-0500.
    2. Electronic Submission of Comments. Interested persons may submit 
comments electronically through the Federal eRulemaking Portal at 
www.regulations.gov. HUD strongly encourages commenters to submit 
comments electronically. Electronic submission of comments allows the 
commenter maximum time to prepare and submit a comment, ensures timely 
receipt by HUD, and enables HUD to make them immediately available to 
the public. Comments submitted electronically through the 
www.regulations.gov Web site can be viewed by other commenters and 
interested members of the public. Commenters should follow the 
instructions provided on that site to submit comments electronically.

    Note:  To receive consideration as public comments, comments 
must be submitted through one of the two methods specified above. 
Again, all submissions must refer to the docket number and title of 
the notice.

    No Facsimile Comments. Facsimile (FAX) comments are not acceptable.
    Public Inspection of Public Comments. All properly submitted 
comments and communications submitted to HUD will be available for 
public inspection and copying between 8 a.m. and 5 p.m. weekdays at the 
above address. Due to security measures at the HUD Headquarters 
building, an appointment to review the public comments must be 
scheduled in advance by calling the Regulations Division at 202-708-
3055 (this is not a toll-free number). Individuals with speech or 
hearing impairments may access this number via TTY by calling the 
Federal Relay Service at 1-800-877-8339 (this is a toll-free number). 
Copies of all comments submitted are available for inspection and 
downloading at www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Ivery Himes, Director, Office of 
Single Family Asset Management, Office of Housing, Department of 
Housing and Urban Development, 451 7th Street SW., Room 9172, 
Washington, DC 20410; telephone number 202-708-1672 (this is not a 
toll-free number). Persons with hearing or speech impairments may 
access this number by calling the Federal Relay Service at 800-877-8339 
(this is a toll-free number).

SUPPLEMENTARY INFORMATION: FHA has a statutory obligation to ensure the 
fiscal soundness of the FHA insurance funds and must take into account 
the financial and administrative burden of any potential alternative to 
claim payment that may be afforded to mortgagees holding any eligible 
HECMs that were assigned FHA Case Numbers prior to August 4, 2014. FHA 
also has the ability, pursuant to the Reverse Mortgage Stabilization 
Act of 2013 (Pub. L. 113-29), to establish, by notice or mortgagee 
letter, any additional or alternative requirements that the

[[Page 6744]]

Secretary, in the Secretary's discretion, determines are necessary to 
improve the fiscal safety and soundness of the HECM program authorized 
by section 255 of the National Housing Act.
    FHA provided two alternative paths to claim payment in pending 
litigation: The Hold Election and the Mortgagee Optional Election 
Assignment, which are further discussed in Mortgagee Letter 2015-03.\1\ 
When analyzed in the aggregate, these options are costly; either 
option, even if offered alone, poses a significant financial impact to 
the FHA insurance funds. The Hold Election, when applied to the 
potential universe of mortgages involving Non-Borrowing Spouses of HECM 
borrowers, imposes a financial risk to the insurance funds that is 
simply too great. FHA's obligation to protect the soundness of the 
insurance funds makes it impossible to offer this option broadly. Even 
though the Mortgagee Optional Election Assignment also poses a 
financial risk to the FHA insurance funds, the risk is significantly 
less; therefore, FHA has determined that the only alternative path to 
claim payment that FHA will permit mortgagees to elect, pursuant to 
Mortgagee Letter 2015-03, is the Mortgagee Optional Election 
Assignment.
---------------------------------------------------------------------------

    \1\ Mortgagee Letter 2015-03 is available at https://portal.hud.gov/hudportal/documents/huddoc?id=15-03ml.pdf.
---------------------------------------------------------------------------

    In Mortgagee Letter 2015-03, FHA set out the Mortgagee Optional 
Election Assignment path to claim payment for existing HECMs with FHA 
Case Numbers issued prior to August 4, 2014. FHA alerted mortgagees 
that aside from the present procedures for either the sale of the home 
or foreclosure of the HECM in accordance with the contract as endorsed, 
or the Mortgagee Optional Election Assignment alternative, no other 
path to claim payment exists.
    Comments on the changes announced in Mortgagee Letter 2015-03 will 
be accepted for a period of 30 days and will be considered by HUD.

    Dated: February 3, 2015.
Biniam Gebre,
Acting Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2015-02452 Filed 2-5-15; 8:45 am]
BILLING CODE 4210-67-P
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