HUD has issued Mortgagee Letter 2010-22, Home Equity Conversion Mortgage (HECM) Program Submission of Case Binder Documents.  To view the Mortgagee Letter, please click Read more...

July 20, 2010

MORTGAGEE LETTER 2010-22

TO: ALL APPROVED MORTGAGEES

SUBJECT: Home Equity Conversion Mortgage (HECM) Program Submission of Case Binder Documents

The purpose of this Mortgagee Letter is to announce a new “Home Equity Conversion Mortgage Required Documents for Endorsement” list. Effective October 4, 2010, mortgagees are required to use the attached “Home Equity Conversion Mortgage Required Documents for Endorsement” list when submitting case binders to the Homeownership Centers. This endorsement list replaces the “Home Equity Conversion Mortgage Required Documents for Endorsement” list attached to Mortgagee Letter 2004-39, and incorporates changes referred to in the following Mortgagee Letters:

• Mortgagee letter 2005-34 regarding the adoption of revised appraisal reporting forms;
• Mortgagee Letter 2006-23 regarding the elimination of Photo Identification evidence;
• Mortgagee Letter 2006-24 regarding the form HUD-92564-CN “For Your Protection: Get a Home Inspection” and
• Mortgagee Letter 2009-11 regarding the HECM for Purchase Program.

Mortgagees are reminded that they must mail the HECM second security instrument directly to HUD’s Loan Servicing Contractor C&L Service Corp/Morris Griffin Corporation (CLS-MGC). In addition, mortgagees must ensure that all documents included in the case binder are accurate and complete. Failure to provide accurate and complete documentation may result in the case binders being returned to the mortgagees for failure to meet FHA requirements and may result in civil or administrative action being taken against the mortgagee and other participants involved in the HECM transaction. All HUD documents are available online at http://www.hudclips.org.

If you have any questions concerning this Mortgagee Letter, please call the FHA Resource Center at 1-800-CALL-FHA (1-800-225-5342). Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUUD (1-877-833-2483).

Sincerely,

David H. Stevens
Assistant Secretary for Housing-
Federal Housing Commissioner

Please click here to view the online Mortgagee Letter

-- Attachment - Home Equity Conversion Mortgage Required Documents for Endorsement