HUD Changes HECM Face to Face Interview Policy
May 3rd, 2007 | by John Yedinak Published in Gov. Updates | 1 Comment
Today, the Federal Housing Administration (FHA) approved lenders as well as HUD approved housing counseling agencies to allow prospective HECM borrowers the option of meeting face-to-face or by telephone to complete the loan origination process as well as counseling activities.
Prior to this change it was a requirement for borrowers to meet face-to-face with either the lender or the approved HECM counselor. Borrowers were not able to participate in both loan origination activities and counseling over the phone.
To read a copy of the Mortgagee Letter check out the link below.
Technorati tags: Reverse Mortgage, HECM, HECM Counseling, Senior Finance
Email This Post
Print This Post
- Related Posts
- New Requirements For Reverse Mortgage Counseling
- HUD Issues New Lender Requirements for HECM Counseling Referrals
- HUD Implements HECM Counseling Roster and Testing Standards
Pingback: HUD Changes HECM Face to Face Interview Policy | First Finance Loans and Mortgages