The Department of Housing and Urban Development made several important announcements this week that impact the Home Equity Conversion Mortgage program. Here are the highlights:
- HUD published a Notice of Funding Opportunity that provides $51 million in grants to support counseling activities in the coming year. HUD said counseling agencies that offer HECM default counseling will receive priority points when it decides who gets grant funds and how much. Counseling agencies have until October 14, 2021, to submit their applications.
- FHA announced in Mortgagee Letter (ML) 2021-23 that mortgagees can now submit appraisals for reverse mortgage endorsements through the FHA Catalyst: EAD Module. While the system is available immediately it becomes mandatory on March 14, 2022. Cases submitted through the legacy EAD portal prior to March 14, 2022, may continue to be delivered through the old system until April 15, 2022. Read the full details on NRMLAonline.NRMLAonline.org..
- Several key staff appointments were announced, including Mia Pittman, Deputy Assistant Secretary for Risk Management and Regulatory Affairs, Federal Housing Administration; Nathan Shultz, Senior Advisor, Office of Housing, Federal Housing Administration; Demetria McCain, Principal Deputy Assistant Secretary, Office of Fair Housing and Equal Opportunity; and Brad Pollock, Special Assistant, Office of Policy Development & Research.