HUD revises HECM Financial Assessment Guidelines
Dear Licensed Partner,
On July 13th 2016, The U.S. Department of Housing and Urban Development (HUD) released a Mortgagee letter 2016-10, which announced further changes related to the HECM Financial Assessment and Property Charge Set Asides guidance. These changes will be effective for case numbers assigned on or after October 03rd 2016. Below are some of the important excerpts from the Mortgagee letter.
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.