10.5.21
On October 5, the Department of Housing and Urban Development (HUD) announced an Advanced Notice of Proposed Rulemaking (ANPR) for adjustable rate mortgages transitioning from LIBOR to alternate indices.
The notice states that HUD is considering a rule that would address a Secretary-approved replacement index for existing loans and provide for a transition date consistent with the cessation of the LIBOR index. HUD is also considering replacing LIBOR with SOFR, with a compatible spread adjustment to minimize the impact of the replacement index for legacy ARMs.
Read here for more information on the ANPR.