- timely request due and payable approval from HUD;
- timely provide notice to HUD of the death of the last surviving borrower or of conveyance of title;
- timely provide the required Due and Payable Notice to the borrower, their estate, or heirs, or other party with legal title to the property that the HECM is due and payable;
- comply with the required appraisal time frames;
- timely commence foreclosure, when applicable;
- timely provide notice to HUD after commencing foreclosure, meeting reasonable diligence requirements, or meeting reporting requirements, pursuant to Mortgagee Letter (ML) 16-03; and
- timely file claims for payment of insurance benefits.
Mortgagee Letters 16-03 and 15-15 are available at https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee