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.