Homeowner's Emergency Mortgage Assistance Program; 2017 Rates and Updates
Interest Rate for HEMAP Loans Closed in 2017
[46 Pa.B. 8128]
[Saturday, December 24, 2016]
Under section 406-C of the Housing Finance Agency Law (35 P.S. § 1680.406c), the Housing Finance Agency (Agency) is to determine prior to the end of each calendar year the rate of interest for Homeowner's Emergency Mortgage Assistance Program (HEMAP) loans closed in the next calendar year, which rate is not to exceed the rate of interest established by the Department of Banking and Securities under section 301 of the act of January 30, 1974 (P.L. 13, No. 6) (41 P.S. § 301), referred to as the Loan Interest and Protection Law, and referred to commonly as the Usury Law.
The Agency has determined that the rate of interest for HEMAP loans closed during calendar year 2017 shall be 4.50%.
Attorneys' Fees and Costs Reimbursement Rate for HEMAP Loans Closed in 2017
Under 12 Pa. Code §§ 31.201—31.211 (relating to policy statement on Homeowner's Emergency Mortgage Assistance Program), the Agency shall reimburse lenders for reasonable attorneys' fees and reasonable and necessary costs, which are actually incurred by a mortgagee, in beginning or pursuing an action of mortgage foreclosure and which meet the requirements or limitations on the Agency's web site at www.phfa.org. The Agency will reimburse lenders based upon a reasonable hourly rate as may be established by the Agency annually and published by the Agency in the Pennsylvania Bulletin.
The Agency has determined the rate of reimbursement of attorneys' fees and costs incurred during the calendar year 2017 shall be $150 per hour.
Schedule of Updates to the List of Consumer Credit Counseling Agencies for the Year 2017
Under 12 Pa. Code §§ 31.201—31.211, the Agency will annually publish a schedule for updates to the list of consumer credit counseling agencies required to be attached to the uniform Appendix A notice.
Updates to the list of consumer credit counseling agencies shall occur on the following dates: March 31, 2017; June 30, 2017; September 30, 2017; and December 31, 2017.
This notice shall take effect December 7, 2016.
BRIAN A. HUDSON, Sr.,
[Pa.B. Doc. No. 16-2276. Filed for public inspection December 23, 2016, 9:00 a.m.]
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