Two weeks following its recent delay earlier this month, the Department of Housing and Urban Development (HUD) today released the new effective date for the reverse mortgage Financial Assessment.
Previously expected to arrive within 30 to 60 days of the original March 2, 2015 effective date, Mortgagee Letter 2015-06 issued today states that the new effective date for Home Equity Conversion Mortgages (HECMs) to comply with the Financial Assessment guidelines will be for case numbers issued on or after April 27, 2015.
In justifying its decision to push back the implementation date, HUD cited two weeks ago a “delay in the delivery of certain system enhancements required to support the policies published in Mortgagee Letters 2014-21 and 2014-22.”
Now afforded an extra month to prepare for the upcoming program changes, lenders have already undertaken a variety of strategies and initiatives in their training programs as they anticipated the original March 2 effective date.
Written by Jason Oliva