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FHA to Host Call on Reverse Mortgage Financial Assessment Revisions

The Federal Housing Administration will host a conference call this Thursday to brief the reverse mortgage industry on its latest updates to the Financial Assessment and Property Charge guidelines for the Home Equity Conversion Mortgage (HECM) program.

FHA-approved mortgagees and other stakeholders are invited to attend the industry briefing call Thursday, July 21 at 2:00 PM (Eastern).

During the call, FHA officials will provide an overview of the revisions set forth in Mortgagee Letter 2016-10, which includes an updated HECM Financial Assessment and Property Charge Guide, as well as revisions to the compounding interest rate for HECM servicing fee set asides. The Mortgagee Letter also includes the addition of a third-party property tax verification fee to allowable fees and charges.

The revised Financial Assessment and Property Charge Guide becomes effective for FHA case numbers assigned on or after October 3, 2016.

See below for important call information.

  • Title: HECM Mortgagee Letter 2016-10
  • Date: July 21, 2016
  • Time: 2:00 PM — 3:00 PM (Eastern)
  • Dial-in: (866) 254-5935
  • Access code: 397712

Written by Jason Oliva