FHA Posts Draft HECM Program Sections of Handbook 4000.1

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FHA recently posted the draft Home Equity Conversion Mortgage (HECM) Origination through Servicing sections of its Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) for stakeholder review and feedback. The draft sections are available online for industry feedback through Monday, November 15, 2021.

The draft sections of Handbook 4000.1 contain FHA’s proposed comprehensive consolidation of HECM requirements, incorporating approximately 150 Mortgagee Letters and other policy documents that are currently used by FHA-approved mortgagees when originating or servicing HECMs. When finalized, the HECM Origination through Servicing sections will provide mortgagees, servicers, appraisers, and other stakeholders with a comprehensive policy resource. The new sections will also replace existing HECM guidance on: (i) Origination through Post-Closing and Endorsement; (ii) Appraiser and Property Requirements; (iii) Servicing and Loss Mitigation; and (iv) Glossary and Acronyms.

Note that the draft Handbook 4000.1 sections do not contain policies for HECM non-assignment claims. According to FHA, such non-assignment claim sections will be posted for feedback at a future date.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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