Reassessing HECM Loan Documents

In response to a 60-Day Notice of Proposed Information Collection published on November 22 by the Department of Housing and Urban Development, a working group formed by the HUD Issues Committee has started reviewing HECM loan documents and will be recommending to the Department which ones should be edited to properly take into account financial assessment and non-borrowing spouse protections. NRMLA will be submitting comments to HUD by January 23. 

In other committee news, NRMLA’s PR Committee is working with the National Association of Realtors to develop a new webcast explaining and promoting HECM for Purchase to real estate agents. The webcast, which is free to the public, will occur on February 22, at 2 pm Eastern Time. Registration instructions will be provided in future issues of Weekly Report.