HUD Delays Effective Date for HECM Financial Assessment Requirements

In the never-ending search for timely and relevant information within the reverse mortgage and greater mortgage industries, it is imperative to be aware of varying sources of government information, even within the same department. 

Two essential channels of information from the Department of Housing and Urban Development (HUD) are the press release page, which shows press releases issued in the current year, and also a subsection of HUD Letters entitled Mortgagee which are disseminated to the public in a less-than-direct manner. While departments such as HUD and FHA do offer email lists and RSS feeds as channels for information, we strongly recommend monitoring their sites in addition to these more useful channels.

The most recent mortgagee letter announced last Friday that the effective date for HUD’s financial assessment requirement for HECM mortgages assigned after January 13, 2014 will be delayed. While the length of the delay is unknown, HUD has given itself an additional 90 days to figure that length out. 

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