When and how must Mortgagees provide notice to HUD of the initiation of a HECM foreclosure?

A Mortgagee must provide notice to HUD within 30 days of initiating foreclosure on a Home Equity Conversion Mortgage (HECM).  Mortgagees must provide this notice via the Home Equity Reverse Mortgage Information Technology (HERMIT) system, using the “Loss Mitigation Pre-foreclosure” Timeline and completing the step “Foreclosure Notice Sent to HUD.” 

For more information see Mortgagee Letter 15-10 available at https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee

Any questions may be directed to the FHA Resource Center at Toll-Free (800) CALLFHA (225-5342) or by email to answers@hud.gov.  Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at (800) 877-8339. Persons with hearing or speech impairments may reach this number by calling the Federal Information Relay Service at (800) 877-8339.

 


All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-02446