News & Analysis as of

HECM Mortgagee Letters

Ballard Spahr LLP

HUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance

Ballard Spahr LLP on

As previously reported, the U.S. Department of Housing and Urban Development (HUD) in connection with single-family residential mortgage loans insured by the Federal Housing Administration (FHA), and Fannie Mae and Freddie...more

Ballard Spahr LLP

HUD Recently Announced the 2024 Loan Limits for FHA Forward Mortgages and HECMs

Ballard Spahr LLP on

The U.S. Department of Housing and Urban Development (HUD) recently announced the 2024 loan limits for FHA insured forward mortgage loans and FHA insured Home Equity Conversion Mortgages (HECMs). The announcements were made...more

Orrick, Herrington & Sutcliffe LLP

FHA updates HECM procedures for mortgagee default

On July 11, FHA announced modifications to certain FHA home equity conversion mortgage requirements in Mortgagee Letter (ML) 2023-15, entitled “Modifications to FHA Home Equity Conversion Mortgage (HECM) Requirements Related...more

Orrick, Herrington & Sutcliffe LLP

FHA implements provisions for transitioning LIBOR-based ARMs

On May 2, FHA published Mortgagee Letter (ML) 2023-09 to implement provisions of the Adjustable Rate Mortgages (ARM): Transitioning from LIBOR to Alternative Indices final rule that was published in the Federal Register at...more

Orrick, Herrington & Sutcliffe LLP

HUD extends Covid-19 forbearance through May 31

On April 7, HUD issued Mortgagee Letter 2023-08, which extends through May 31 the final date for borrowers to request Covid-19 forbearance and home equity conversion mortgage (HECM) extensions. The extension is intended to...more

Hinshaw & Culbertson LLP

HUD Issues Three New Mortgagee Letters for HECM Program Guidance

Loan originators and servicers should take note of the fact that the Home Equity Convertible Mortgage (HECM) program has attracted considerable attention from federal agencies and Congress in recent months. In August and...more

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