NRMLA Proposes HECM Loan Document Revisions

Comments were submitted to the Department of Housing and Urban Development last week recommending updates to existing HECM loan documents that take into account recent regulatory changes, such as financial assessment and non-borrowing spouse protections.

Forms that NRMLA would like to see updated include: HUD Form 92800.5B-Conditional Commitment; HUD 92900A-HUD Addendum to URLA; Fannie Mae 1009; HUD-1 and the Good Faith Estimate. 

NRMLA submitted its comments in response to a 60-Day Notice of Proposed Information Collection published by HUD on November 22. NRMLA will alert members if any form changes are implemented.