NRMLA submitted two sets of comments to the Department of Housing and Urban Development this past week, one that seeks changes to loan level servicing reviews in FHA’s Defect Taxonomy and the other highlighting important issues related to updating the draft HECM Handbook.
In the first letter, NRMLA requested to specifically recognize, and incorporate, the curtailment of property preservation expenses and the loss of debenture interest as a remedy and category of financial remediation within the Defect Taxonomy.
With regard to the HECM Handbook, NRMLA compiled more than 180 comments that were documented in an excel spreadsheet and submitted through the Department’s Drafting Table, along with a cover letter that focused upon several items the association’s committees felt were important.
NRMLA asked HUD to consider feedback that may be submitted after the January 31 deadline given the vast amount of information that needed to be reviewed and recommended that FHA engage a HECM subject matter expert to consult with and advise FHA as it further implements the revised HECM Handbook and continues to manage the HECM program.
To view the comment letters, login to the comment letters section of NRMLAonline.org.