HUD Proposes HECM Claims Be Made at 98% of Max Amount
August 12, 2016
The Department of Housing and Urban Development is seeking comment on a supplemental proposal, which would require an FHA lender to file a claim when a Home Equity Conversion Mortgage loan reaches 98 percent of the maximum claim amount. The proposal stems from another proposed rule published by HUD last May that would codify previous revisions to the HECM program and make additional changes. The proposal would provide the lender an opportunity ...