On January 19, 2017, FHA published the Final Rule, Strengthening the Home Equity Conversion Mortgage (HECM) Program.
Mortgagee Letter 2017-11 highlights requirements specifically related to servicing functions published in the Final Rule which take effect for all case numbers assigned on or after September 19, 2017.
The following HECM Servicing topics are highlighted in Mortgagee Letter 17-11:
- Default for Unpaid Property Charges
- Sale of Property Securing a Due and Payable HECM
- Cash for Keys Incentive and Relocation
- HERMIT System Updates
Mortgagee Letter 2017-11 is available at: https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee
The Final Rule, Strengthening the Home Equity Conversion Mortgage (HECM) Program is available at: https://www.govinfo.gov/content/pkg/FR-2017-01-19/pdf/2017-01044.pdf
The HERMIT User Guide is available at: https://www.hud.gov/program_offices/housing/comp/hecm_hermit