Home Equity Conversion Mortgages for Lenders (HECMs)
The Federal Housing Administration (FHA) published two Mortgagee Letters that provide HECM policy changes and implementation guidance:
- August 29, 2017, Mortgagee Letter 2017-12 announced revised HECM initial and annual Mortgage Insurance Premium (MIP) rates and Principal Limit Factors, effective for HECM case numbers assigned on or after October 2, 2017.
- August 24, 2017, Mortgagee Letter 2017-11 consolidated policy and provided guidance on implementation requirements directly related to servicing functions included in FHA’s January 19, 2017, final rule. The HECM final rule’s servicing requirements become effective for case numbers assigned on or after September 19, 2017.
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