HECM Financial Assessment Implementation Delayed
Dear Licensed Partner,
The Department of Housing and Urban Development (HUD) is delaying the effective date of the new Financial Assessment requirement for HECM loans. The postponement is due to a delay in the delivery of “certain system enhancements” required to support the new Financial Assessment policies, according to an email notice sent by HUD to lenders.
An official mortgagee letter will be issued within the next few weeks regarding the new effective date of the Financial Assessment rule. The new effective date is expected to be within 30 to 60 days of the original March 2, 2015 date announced in Mortgagee Letters 2014-21 and 2014-22. Sun West will continue to monitor and provide further updates from HUD regarding the new effective date of the Financial Assessment rule.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.