New Effective Date for HECM Financial Assessment Requirement
Dear Licensed Partner,
The Department of Housing and Urban Development (HUD) announced a new effective date for the new Financial Assessment requirement for HECM loans. The new Financial Assessment rule will now be effective for HECM case numbers assigned on or after April 27, 2015.
As announced in Mortgagee Letter 2015-06, the new effective date is “due to a delay in delivery of certain system enhancements required to support the policies published in Mortgagee Letters 2014-21 and 2014-22.” No new policy amendments were announced.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.