Federal Housing Administration (FHA): Adjustable Rate Mortgage Notification Requirements and Look-Back Period for FHA-Insured Single Family Mortgages
This rule revises FHA's regulations governing its single family adjustable rate mortgage (ARM) program to align FHA interest rate adjustment and notification regulations with the requirements for notifying mortgagors of ARM adjustments, as required by the regulations implementing the Truth in Lending Act (TILA), as recently revised by the Consumer Financial Protection Bureau (CFPB). The final rule requires that an interest rate adjustment resulting in a corresponding change to the mortgagor's monthly payment for an ARM have a 45-day look-back period. The final rule also requires that the mortgagee of an FHA-insured ARM comply with the disclosure and notification requirements of the 2013 TILA Servicing Rule, including at least a 60- day but no more than 120 day advance notice of an adjustment to a mortgagor's monthly payment.
Federal Housing Administration (FHA): Handling Prepayments: Eliminating Post-Payment Interest Charges
This rule revises FHA's regulations that allow an FHA-approved mortgagee to charge the mortgagor interest through the end of the month in which the mortgage is being paid. The final rule allows mortgagees to charge interest only through the date the mortgage is paid, and prohibits the charging of interest beyond that date.
Proposed Fair Market Rents for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy Program and Other Programs Fiscal Year 2015-Corrected Schedule B Addendum
On August 15, 2014, HUD published for public comment proposed Fair Market Rents (FMRs) for the Housing Choice Voucher Program, Moderate Rehabilitation Single Room Occupancy Program and Other Programs for Fiscal Year 2015. After publication, HUD noted that the Schedule B Addendum, which addresses small area FMRs, did not include small area FMRs for Dallas, Texas. This notice provides the corrected Schedule B Addendum. No other changes are made by this notice. The public comment due date remains September 15, 2014.