HUD: FHA INFO #18-43: Updated Guidance on Home Equity Conversion Mortgage (HECM) Claim Type 22 (CT-22) Assignment Requests
Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2018-08: Updated Guidance on Home Equity Conversion Mortgage (HECM) Claim Type 22 (CT-22) Assignment Requests. Read today’s Press Release.
This ML provides consolidated and updated guidance regarding the submission of HECM assignment requests to the Department of Housing and Urban Development (HUD). It outlines the documentation and procedures required to demonstrate that a HECM has been serviced in accordance with applicable HUD regulations and meets all assignment eligibility criteria regarding the provision of evidence of:
- current hazard insurance;
- provision of alternative evidence of death of borrower;
- clarification of “current” taxes;
- submission of evidence of completion of repairs; and
- submission of clarification regarding mobile home title.
The guidance in this Mortgagee Letter benefits both HECM borrowers and servicers as it allows alternative sources of documentation, as well as streamlines some of the claims processes. It also modifies or supersedes policy language in ML 2017-05, where applicable, and is effective immediately.
- View Mortgagee Letter 2018-08 and other Mortgagee Letters at: http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee
- View the Press Release at: https://www.hud.gov/press/press_releases_media_advisories
Contact the FHA Resource Center:
- Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at: www.hud.gov/answers.
- E-mail the FHA Resource Center at: firstname.lastname@example.org. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
- Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.