FHA announced – effective Oct. 1, 2018 they may require a 2nd appraisal on Reverse Mtgs also known as HECM loans. We have access to a fact sheet about this change and how it may impact the origination of these loans. Comment below and I’ll send you a copy.
Related Article Title: FHA HECM Appraisal Submission and Assessment Changes, Mortgagee Letter 2018-06, September 28, 2018, Effective October 1, 2018 [New MTP™- New FHA Requirement for HECM Loans!] Written By: Tracey Rumsey, Staff Writer FHA is losing big money on their HECM program, which is also known as a Reverse Mortgage. They believe that one of the […]