The Federal Housing Administration today published a final rule removing Libor as an approved index for adjustable-rate mortgages and replacing it with the Secured Overnight Financing Rate as the approved index for newly originated forward ARMs, effective March 31. According to the agency, the rule also codifies the same changes made for newly originated reverse home equity conversion mortgage ARMs, makes clarifying regulatory changes to the requirements for monthly adjustable HECM ARMs, and establishes a 10 percentage points maximum lifetime adjustment cap for monthly adjustable HECM ARMs.
ABA names 2025 Emerging Leader Awards recipients
ABA announced the 2025 recipients of its annual ABA Emerging Leader Awards, which recognize the next generation of bank leaders who are committed to the highest standards of achievement and service to both their industry and their local...