The FHA's Mortgagee Letter (ML) 2024-18 updates debenture interest rates for Home Equity Conversion Mortgage (HECM) program claims, enhancing reimbursement processes and related regulations.
This ML builds on prior changes to the HECM program, specifically those made on January 19, 2017, with a focus on aligning current protocols with previously established rules.
The introduction of the Debenture Interest Rate Adjustment (DIRA) process allows HECM holders to request adjustments on claims filed between September 19, 2017, and September 28, 2024.
HUD's new DIRA process will be available from January 2, 2025, to July 1, 2025, encouraging HECM holders to analyze their portfolios in light of the changes.
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