Home Equity Conversion Mortgage (HECM) Program: Non-Borrowing Spouse-Solicitation of Comment, 25147-25148 [2014-10102]

Download as PDF Federal Register / Vol. 79, No. 85 / Friday, May 2, 2014 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES Los Alamos NM 87545 Landholding Agency: Energy Property Number: 41201420002 Status: Excess Directions: 03–0067, 36–1614, 03–1615, 03– 1814, 16–0201, 16–0210, 33–0360, 35– 0257, 39–0183 Comments: Highly secured area; public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area New York U.S. Coast Guard Station Niagara 1 Scott Avenue Youngstown NY 14174 Landholding Agency: Coast Guard Property Number: 88201420001 Status: Excess Comments: Public access denied; no alter. method to gain access w/out compromising national security. Reasons: Secured Area Ohio Big Island Pumping Glenn Research Center Erie Co. 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Reasons: Secured Area Land California 91110 Fort Hunter Liggett VerDate Mar<15>2010 00:23 May 02, 2014 Jkt 232001 Ft. Hunter Liggett CA 93928 Landholding Agency: Army Property Number: 21201420001 Directions: government-owned land w/ privately owned historic building Status: Underutilized Comments: Public access denied and no alternative method to gain access w/out compromising national security Reasons: Secured Area Florida Former Communication Receiver Site 14115 Hagen Ranch Rd. Delray Beach FL 33437 Landholding Agency: GSA Property Number: 54201420001 Status: Surplus GSA Number: 4–U–FL–1326–AA Directions: Disposal Agency: GSA; Landholding Agency: FAA Comments: 75% of property located w/in airport runway; approx. 100 ft. from property Reasons: Within airport runway clear zone Ohio Parcel #4 Glenn Research Center Oxford Township OH 44847 Landholding Agency: NASA Property Number: 71201420002 Status: Unutilized Comments: Landlocked; can only be reached by crossing private property and there is no established right or means of entry. Reasons: Not accessible by road [FR Doc. 2014–09866 Filed 5–1–14; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–5735–N–02] Home Equity Conversion Mortgage (HECM) Program: Non-Borrowing Spouse—Solicitation of Comment Office of the Assistant Secretary for Housing-Federal Housing Commissioner, HUD. ACTION: Notice. AGENCY: On April 25, 2014, the Federal Housing Administration (FHA) issued Mortgagee Letter 2014–07, announcing the amendment to HECM program regulations and requirements concerning due and payable status where there is a Non-Borrowing Spouse at the time of loan closing, consistent with the authority to make such changes by the Reverse Mortgage Stabilization Act, signed into law on August 9, 2013. The new HECM requirements are necessary in order to ensure the financial viability of the HECM program and the Mutual Mortgage Insurance Fund (Fund), and to comply with the statutory requirement concerning the Secretary’s fiduciary duty to the Fund. SUMMARY: PO 00000 Frm 00055 Fmt 4703 Sfmt 4703 25147 The new HECM requirements will take effect for case numbers assigned on or after August 4, 2014. This notice solicits comment for a period of 30 days on the new requirements announced in Mortgagee Letter 2014–07. DATES: Comment Due Date: June 2, 2014. 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 E:\FR\FM\02MYN1.SGM 02MYN1 mstockstill on DSK4VPTVN1PROD with NOTICES 25148 Federal Register / Vol. 79, No. 85 / Friday, May 2, 2014 / Notices access this number via TTY by calling the Federal Relay Service at 800–877– 8339. Copies of all comments submitted are available for inspection and downloading at www.regulations.gov. FOR FURTHER INFORMATION CONTACT: Karin Hill, Senior Advisor, Single Family Program Development, Office of Housing, Department of Housing and Urban Development, 451 7th Street SW., Room 9280, Washington, DC 20410– 9000, telephone number 202–708–4308. (This is not a toll-free number). Hearing or speech impaired individuals may access this number via TTY by calling the toll-free Federal Relay Service during business hours at 1–800–877– 8337. SUPPLEMENTARY INFORMATION: On August 9, 2013, the President signed into law the Reverse Mortgage Stabilization Act of 2013 (Pub. L. 113–29). This law gives FHA the authority to establish, by notice or mortgagee letter, any additional or alternative requirements that the 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, which requirements shall take effect upon issuance. This law gives FHA the authority to quickly set in place changes to improve the fiscal safety and soundness of the HECM program. Acting on this authority, on April 25, 2014, FHA issued Mortgagee Letter 2014–07.1 Since the inception of the HECM program in 1989, FHA has interpreted the mortgage insurance eligibility requirement in subsection 255(j) of the National Housing Act (as implemented in its regulations) as precluding HECMs from being called due and payable until the death of the last surviving mortgagor, or other specified conditions. FHA offers a variety of ways for the estate of the deceased HECM mortgagor to satisfy the HECM loan obligation, and for many years, Non-Borrowing Spouses were able to refinance into new HECMs following the death of their mortgagor spouse in order to retain the homes. However, FHA recognizes that for some Non-Borrowing Spouses this option has become more difficult. In this Mortgagee Letter, FHA advances, prospectively only, an alternative interpretation of subsection 255(j) which extends the insurance eligibility requirement that precludes loan acceleration in new HECMs to both the mortgagor and NonBorrowing Spouse. In most cases, this will obviate the need for a Non1 The Mortgagee Letter can be found at https:// portal.hud.gov/hudportal/documents/huddoc?id= 14–07ml.pdf. VerDate Mar<15>2010 00:23 May 02, 2014 Jkt 232001 Borrowing Spouse to refinance the HECM loan upon the death of the mortgagor. The specific changes to, and new requirements of, the HECM program are detailed in Mortgagee Letter 2014–07. Although this extension of mortgage insurance eligibility requirements will be part of FHA’s upcoming proposed rule on HECM, FHA solicits comment in advance of the proposed rule. Comments submitted in response to this solicitation will be taken into consideration in the development of the proposed rule. Dated: April 28, 2014. Carol J. Galante, Assistant Secretary for Housing-Federal Housing Commissioner. [FR Doc. 2014–10102 Filed 5–1–14; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR Fish and Wildlife Service [FWS–HQ–ES–2014–N081; FXES11130900000–134–FF09E32000] Information Collection Request Sent to the Office of Management and Budget (OMB) for Approval; Endangered and Threatened Wildlife, Experimental Populations Fish and Wildlife Service, Interior. ACTION: Notice; request for comments. AGENCY: We (U.S. Fish and Wildlife Service) have sent an Information Collection Request (ICR) to OMB for review and approval. We summarize the ICR below and describe the nature of the collection and the estimated burden and cost. This information collection is scheduled to expire on May 31, 2014. We may not conduct or sponsor and a person is not required to respond to a collection of information unless it displays a currently valid OMB control number. However, under OMB regulations, we may continue to conduct or sponsor this information collection while it is pending at OMB. DATES: You must submit comments on or before June 2, 2014. ADDRESSES: Send your comments and suggestions on this information collection to the Desk Officer for the Department of the Interior at OMB– OIRA at (202) 395–5806 (fax) or OIRA_Submission@omb.eop.gov (email). Please provide a copy of your comments to the Service Information Collection Clearance Officer, U.S. Fish and Wildlife Service, MS 2042–PDM, 4401 North Fairfax Drive, Arlington, VA SUMMARY: PO 00000 Frm 00056 Fmt 4703 Sfmt 4703 22203 (mail), or hope_grey@fws.gov (email). Please include ‘‘1018–0095’’ in the subject line of your comments. FOR FURTHER INFORMATION CONTACT: To request additional information about this ICR, contact Hope Grey at hope_grey@fws.gov (email) or 703–358– 2482 (telephone). You may review the ICR online at https://www.reginfo.gov. Follow the instructions to review Department of the Interior collections under review by OMB. SUPPLEMENTARY INFORMATION: Information Collection Request OMB Control Number: 1018–0095. Title: Endangered and Threatened Wildlife, Experimental Populations, 50 CFR 17.84. Service Form Number(s): None. Type of Request: Extension of a currently approved collection. Description of Respondents: Individuals and households, private sector, and State/local/tribal governments. Respondent’s Obligation: Voluntary. Frequency of Collection: On occasion. Estimated Annual Number of Respondents: 105. Estimated Annual Number of Responses: 105. Completion Time Per Response: 30 minutes. Total Annual Burden Hours: 55 (rounded). Abstract: Section 10(j) of the Endangered Species Act of 1973 (ESA), as amended (16 U.S.C. 1531 et seq.), authorizes the Secretary of the Interior to establish experimental populations of endangered or threatened species. Because individuals of experimental populations are categorically protected under the ESA, the information we collect is important for monitoring the success of reintroduction efforts and recovery efforts in general. This is a nonform collection. Information collection requirements for experimental populations of endangered and threatened species are in 50 CFR 17.84. We collect three categories of information: (1) General take or removal. Relates to human-related mortality, including unintentional taking incidental to otherwise lawful activities (e.g., highway mortalities); animal husbandry actions authorized to manage the population (e.g., translocation or providing aid to sick, injured, or orphaned individuals); take in defense of human life; take related to defense of property (if authorized); or take in the form of authorized harassment. (2) Depredation-related take. Involves take for management purposes where E:\FR\FM\02MYN1.SGM 02MYN1

Agencies

[Federal Register Volume 79, Number 85 (Friday, May 2, 2014)]
[Notices]
[Pages 25147-25148]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-10102]


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

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5735-N-02]


Home Equity Conversion Mortgage (HECM) Program: Non-Borrowing 
Spouse--Solicitation of Comment

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

ACTION: Notice.

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

SUMMARY: On April 25, 2014, the Federal Housing Administration (FHA) 
issued Mortgagee Letter 2014-07, announcing the amendment to HECM 
program regulations and requirements concerning due and payable status 
where there is a Non-Borrowing Spouse at the time of loan closing, 
consistent with the authority to make such changes by the Reverse 
Mortgage Stabilization Act, signed into law on August 9, 2013. The new 
HECM requirements are necessary in order to ensure the financial 
viability of the HECM program and the Mutual Mortgage Insurance Fund 
(Fund), and to comply with the statutory requirement concerning the 
Secretary's fiduciary duty to the Fund. The new HECM requirements will 
take effect for case numbers assigned on or after August 4, 2014. This 
notice solicits comment for a period of 30 days on the new requirements 
announced in Mortgagee Letter 2014-07.

DATES: Comment Due Date: June 2, 2014.

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

[[Page 25148]]

access this number via TTY by calling the Federal Relay Service at 800-
877-8339. Copies of all comments submitted are available for inspection 
and downloading at www.regulations.gov.

FOR FURTHER INFORMATION CONTACT: Karin Hill, Senior Advisor, Single 
Family Program Development, Office of Housing, Department of Housing 
and Urban Development, 451 7th Street SW., Room 9280, Washington, DC 
20410-9000, telephone number 202-708-4308. (This is not a toll-free 
number). Hearing or speech impaired individuals may access this number 
via TTY by calling the toll-free Federal Relay Service during business 
hours at 1-800-877-8337.

SUPPLEMENTARY INFORMATION: On August 9, 2013, the President signed into 
law the Reverse Mortgage Stabilization Act of 2013 (Pub. L. 113-29). 
This law gives FHA the authority to establish, by notice or mortgagee 
letter, any additional or alternative requirements that the 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, which requirements shall take effect 
upon issuance. This law gives FHA the authority to quickly set in place 
changes to improve the fiscal safety and soundness of the HECM program. 
Acting on this authority, on April 25, 2014, FHA issued Mortgagee 
Letter 2014-07.\1\
---------------------------------------------------------------------------

    \1\ The Mortgagee Letter can be found at https://portal.hud.gov/hudportal/documents/huddoc?id=14-07ml.pdf.
---------------------------------------------------------------------------

    Since the inception of the HECM program in 1989, FHA has 
interpreted the mortgage insurance eligibility requirement in 
subsection 255(j) of the National Housing Act (as implemented in its 
regulations) as precluding HECMs from being called due and payable 
until the death of the last surviving mortgagor, or other specified 
conditions. FHA offers a variety of ways for the estate of the deceased 
HECM mortgagor to satisfy the HECM loan obligation, and for many years, 
Non-Borrowing Spouses were able to refinance into new HECMs following 
the death of their mortgagor spouse in order to retain the homes. 
However, FHA recognizes that for some Non-Borrowing Spouses this option 
has become more difficult. In this Mortgagee Letter, FHA advances, 
prospectively only, an alternative interpretation of subsection 255(j) 
which extends the insurance eligibility requirement that precludes loan 
acceleration in new HECMs to both the mortgagor and Non-Borrowing 
Spouse. In most cases, this will obviate the need for a Non-Borrowing 
Spouse to refinance the HECM loan upon the death of the mortgagor. The 
specific changes to, and new requirements of, the HECM program are 
detailed in Mortgagee Letter 2014-07.
    Although this extension of mortgage insurance eligibility 
requirements will be part of FHA's upcoming proposed rule on HECM, FHA 
solicits comment in advance of the proposed rule. Comments submitted in 
response to this solicitation will be taken into consideration in the 
development of the proposed rule.

    Dated: April 28, 2014.
Carol J. Galante,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 2014-10102 Filed 5-1-14; 8:45 am]
BILLING CODE 4210-67-P
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