{"abstract":"HUD is proposing to remove the London Interbank Offered Rate (LIBOR) as an approved index for adjustable interest rate mortgages (ARMs), and replace LIBOR with the Secured Overnight Financing Rate (SOFR) as a Secretary-approved index for newly originated forward ARMs. HUD also proposes to codify its removal of LIBOR and approval of SOFR as an index for newly-originated Home Equity Conversion Mortgage (HECM or reverse mortgage) ARMs. In addition, HUD is proposing to establish a spread-adjusted SOFR index as the Secretary-approved replacement index to transition existing forward and HECM ARMs off LIBOR. HUD also proposes to make clarifying changes to its HECM Monthly ARM regulation and establish a lifetime five percent interest rate cap for monthly adjustable rate HECMs.","action":"Proposed rule.","agencies":[{"raw_name":"DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT","name":"Housing and Urban Development Department","id":228,"url":"https://www.federalregister.gov/agencies/housing-and-urban-development-department","json_url":"https://www.federalregister.gov/api/v1/agencies/228","parent_id":null,"slug":"housing-and-urban-development-department"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2022/10/19/2022-22538.html","cfr_references":[{"chapter":null,"citation_url":null,"part":203,"title":24},{"chapter":null,"citation_url":null,"part":206,"title":24}],"citation":"87 FR 63458","comment_url":null,"comments_close_on":"2022-11-18","correction_of":null,"corrections":[],"dates":"Public comment due date: November 18, 2022.","disposition_notes":null,"docket_ids":["Docket No. FR-6151-P-02"],"dockets":[{"supporting_documents":[],"agency_name":"HUD","documents":[{"comment_count":4,"comment_start_date":"2022-10-19","updated_at":"2025-05-20T23:04:16.775-04:00","comment_url":"https://www.regulations.gov/commenton/HUD-2021-0060-0011","allow_late_comments":false,"id":"HUD-2021-0060-0011","comment_end_date":"2022-11-19","regulations_dot_gov_open_for_comment":false}],"supporting_documents_count":0,"id":"HUD-2021-0060","title":"FR–6151–F–03\nAdjustable Rate Mortgages: Transitioning From LIBOR to Alternate Indices"}],"document_number":"2022-22538","effective_on":null,"end_page":63464,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2022/10/19/2022-22538.xml","html_url":"https://www.federalregister.gov/documents/2022/10/19/2022-22538/adjustable-rate-mortgages-transitioning-from-libor-to-alternate-indices","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2022-22538?publication_date=2022-10-19","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2022-10-19/2022-22538/mods.xml","not_received_for_publication":null,"page_length":7,"page_views":{"count":4318,"last_updated":"2026-04-04 14:15:05 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2022-10-19/pdf/2022-22538.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2022-22538.pdf?1666097120","publication_date":"2022-10-19","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2022/10/19/2022-22538.txt","regulation_id_number_info":{"2502-AJ51":{"issue":"202210","html_url":"https://www.federalregister.gov/regulations/2502-AJ51/removal-of-libor-as-interest-rate-index-and-approval-of-a-replacement-index-fr-6151-","title":"Removal of LIBOR as Interest Rate Index and Approval of a Replacement Index (FR-6151)","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202210&RIN=2502-AJ51&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["2502-AJ51"],"regulations_dot_gov_info":{"supporting_documents":[],"regulatory_plan":{"html_url":"https://www.federalregister.gov/regulations/2502-AJ51/removal-of-libor-as-interest-rate-index-and-approval-of-a-replacement-index-fr-6151-","title":"Removal of LIBOR as Interest Rate Index and Approval of a Replacement Index (FR-6151)"},"comments_count":4,"agency_id":"HUD","comments_url":"https://www.regulations.gov/docketBrowser?rpp=50&so=DESC&sb=postedDate&po=0&dct=PS&D=HUD-2021-0060","supporting_documents_count":0,"docket_id":"HUD-2021-0060","document_id":"HUD-2021-0060-0011","regulation_id_number":"2502-AJ51","title":"FR–6151–F–03\nAdjustable Rate Mortgages: Transitioning From LIBOR to Alternate Indices","checked_regulationsdotgov_at":"2025-05-21T02:55:04Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":63458,"subtype":null,"title":"Adjustable Rate Mortgages: Transitioning From LIBOR to Alternate Indices","toc_doc":"Transitioning from London Interbank Offered Rate to Alternate Indices","toc_subject":"Adjustable Rate Mortgages:\n","topics":["Aged","Condominiums","Hawaiian Natives","Home improvement","Indians-lands","Loan programs-housing and community development","Loan programs-housing and community development","Mortgage insurance","Reporting and recordkeeping requirements","Solar energy"],"type":"Proposed Rule","volume":87}