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Key HECM Mortgagee Letters
Two Most Important Mortgagee Letters The most important mortgage letters on HECM counseling were issued by HUD on June 23, 2004 (ML 2004-25), December 30, 2004 (ML 2004-48), and November 1, 2005 (ML 2005-44).
Other Key Mortgagee Letters To find copies of all the other key HECM Mortgagee Letters listed below, go to Appendix A in the AARP Foundation's HECM Training Manual.
|
Mortgagee Letter # |
Date |
Topic |
| 96-15 |
4/10/96 |
Expands HECM eligibility to 2- to 4-unit, owner occupied properties |
| 96-41 |
8/3/96 |
Improves eligibility for condominiums |
| 97-15 |
4/24/97 |
Changes rate at which principal limit (and creditline) grows from expected rate plus 0.5% to note rate (i.e., the rate currently being charged on the loan) plus 0.5%; revises legal documents; permits life estates |
| 98-3 |
1/7/98 |
Establishes monthly servicing cap of $35 for HECMs with monthly adjustable interest |
| 99-2 |
2/18/99 |
Explains and transmits consumer protections against excessive fees by "estate planners" |
| 00-10 |
3/8/00 |
Raises origination fee limit to the greater of $2000 or 2% of the maximum claim amount, including any broker or correspondent fees; establishes 180-day limit for counseling certificate; eliminates requirement that lenders must interview homeowners face-to-face IF the counseling is provided face-to-face |
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