Home Equity Conversion Mortgages for Lenders (HECMs)
The Federal Housing Administration (FHA) published a Mortgagee Letter that provides HECM policy changes and implementation guidelines:
- September 28, 2018, Mortgagee Letter 2018-06 announced changes to the appraisal requirements for the Federal Housing Administration's (FHA) Home Equity Conversion Mortgage (HECM) program. These changes are affective for all HECM originations with case numbers assigned on and after October 1, 2018, through September 20, 2019.
Origination
Software
- HECM Refinance IMIP Formula: FHAC Release Notes for Lenders
- Instructions for Installing HECM Calculation Software Version 2.5
(use if you have never installed the HECM software) - Instructions for Upgrading HECM Calculation Software Version 2.5
(use if you previously installed the HECM software) - FHA Connection Changes and Processing Instructions for Lenders (September 19, 2017)
- HERMIT System and Resources
Training and Webcasts
Subscribe to FHA INFO Announcements
Subscribe to receive FHA INFO announcements and SF NEWS about Mortgagee Letter issuances, procedure updates, and training & events via email. Research a list of all previous FHA INFO and SF NEWS in the:
FHA INFO ARCHIVE
Reference Materials
- Accessing the 10-Year ICE Swap Rate (ML 2016-16)
- Calculating the Weekly Average From the ICE Swap Rate (ML 2016-16)
- HECM Final Rule - 24 CFR Part (Redline Copy)
- HECM Financial Assessment Update Pre-recorded Webinar (recorded 9/22/16)
- HECM Financial Assessment 9/23/15 Webinar Presentation
- HECM Model Loan Documents
- Current HECM Financial Assessment and Property Charge Guide (case numbers assigned on or after October 3, 2016)
- HECM Financial Assessment and FHA Connection
- HECM Handbook 4235.1
- Administration of Insured Home Mortgages 4330.1
- All HECM Mortgagee Letters
- All HUD policy documents and forms
Find Answers
- Policy Inquiries:
– Origination: FHA Resource Center
– Counseling: Housing.Counseling@hud.gov
– Servicing: hecmservicing@novadconsulting.com
– Claims: Foc_Hecm@hud.gov - HERMIT Tech Support:
– Servicing: servicingsupport@hermitsp.com
– Accounting: accountingsupport@hermitsp.com - Ask a question online