NRMLA Recommends Changes to HECM Loan Docs

Comments submitted by NRMLA to the Department of Housing and Urban Development this week recommended that the HUD 92900-A form be eliminated and other existing HECM loan documents updated to account for recent regulatory changes, such as financial assessment and non-borrowing spouse protections.

“As a practical matter, the HUD 92900-A is a largely unusable HECM document from a consumer perspective,” commented NRMLA. Parts of HUD 92900-A are redundant with other documents that consumers receive in connection with a HECM application, while other pages are lender-specific or reference VA (Veterans Affairs)-specific information.

“We request that HECM consumers’ involvement with the 92900-A document be eliminated as the FNMA Form 1009 is a more suitable document to capture consumer information and/or make consumer disclosures,” added NRMLA.

Forms that NRMLA would like to see updated include: Fannie Mae 1009; Payment Plan Exhibit; HUD-1 and the Good Faith Estimate. NRMLA submitted its comments in response to a 30-Day Notice of Proposed Information Collection published by HUD on July 6. Read and download NRMLA’s comment letter from our online index of public comments at