Section 1 Stabilizing the HECM program
Section 255 of the National Housing Act (12 U.S.C. 1715z–20) is amended—
in subsection (d)(8)—
by inserting “property maintenance,” before “insurance”; and
by inserting “, including matters that set forth terms and provisions for establishing escrow accounts, performing financial assessments, or limiting the amount of any payment made available under the mortgage” before the semicolon; and
in subsection (h)—
in paragraph (1), by striking “; and” and inserting a semicolon;
in paragraph (2), by striking the period and inserting “; and”; and
by adding at the end the following new paragraph:
“(3) by notice or mortgagee letter, establish any additional or alternative requirements that the Secretary, in his or her discretion, determines necessary to more effectively carry out the provisions of this section, and any such notice or mortgagee letter shall take effect upon issuance.”