Tag: HECM

FHA Mortgagee Letter 2019-15 – Updates to Mortgagee Optional Election (MOE) Assignment for Home Equity Conversion Mortgages (HECMs) with FHA case numbers assigned prior to August 4, 2014 – Dated September 23, 2019

Written by: Tracey Rumsey, Staff Writer Although this update is more investor or servicer oriented, there are a couple of important take-aways for those of you that originate HECM loans. Rule Synopsis: Effective for HECM case numbers assigned prior to August 4, 2014 the Mortgagee Optional Election Assignment (MOE) for HECMs is updated as follows: […]

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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 biggest issues is the secured collateral.  If you work with HECM loans this is a must read as it will likely affect your loan process. Rule Synopsis: […]

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FHA INFO #17-59, Modification of Initial Mortgage Insurance Premium (IMIP) Formula for Home Equity Conversion Mortgage (HECM) Refinance Cases, December 29, 2017

By: Tracey Rumsey – Staff Writer This article contains important changes if you work with HECM loans!  Specifically, the formula for the modification of initial mortgage insurance premium is addressed along with examples. Make sure you update your knowledge by reading this important update! Rule Synopsis: The formula was modified on November 14, 2017, and […]

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