HUD Seeks Reverse Mortgage Industry Comments on Financial Assessment

Today, the Department of Housing and Urban Development released a solicitation of comment on changes to the Home Equity Conversion Mortgage (HECM) program.

The 30-day comment period for industry feedback applies specifically to the financial assessment changes to the HECM program, which will take effect for case numbers assigned on or after January 13, 2014.

HUD invites all interested persons to submit comments before October 15, 2013, either by mail or electronically to its Regulations Division, Office of General Counsel.

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However, HUD strongly encourages commenters to submit feedback electronically.

“Electronic submission of comments allows the commenter maximum time to prepare and submit a comment, ensures timely receipt by HUD, and enables HUD to make them immediately available to the public,” writes the notice signed by Carol Galante, HUD’s assistant secretary for housing and commissioner of the Federal Housing Administration.

For further information, commentors may also contact Director of Single Family Housing Development Karin Hill.

For more information on how to submit feedback, visit here.

Written by Jason Oliva

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