Dana T. Wade (July 2017 to June 2018) • FHA implemented new servicing policies that arose from the publication of the HECM Final Rule in January 2017, which took effect September 17, 2017. (Mortgagee Letter 2017-11; August 24, 2017) • FHA modified the initial and annual mortgage insurance premium rates and principal limit factors for all HECMs. (Mortgagee Letter 2017-12; August 29, 2017) (Note: Wade served in the role of FHA Commissioner, but her official title was General Deputy Assistant Secretary for Housing) Brian Montgomery (June 2018 to May 2020) • FHA instituted the collateral risk assessment by requiring a second appraisal in cases where FHA determined there may be inflated property valuations. (Mortgagee Letter 2018-06; September 28, 2018) • FHA simplified the types of documentation it would accept from mortgagees when submitting loans for assignment. (Mortgagee Letter 2018-08; October 22, 2018) • FHA updated the rules for assigning HECMs under the mortgagee optional election process, which made it easier for eligible non-borrowing spouses to remain in the property. (Mortgagee Letter 2019-15; September 23, 2019) • FHA updated its condominium approval guidelines by permitting single-unit approvals, thus allowing borrowers living in a condo that was not FHAapproved to apply for a HECM. (Mortgagee Letter 2019-17; September 27, 2019) • FHA raised the single national loan limit for HECMs to $765,600. (Mortgagee Letter 2019-20; December 3, 2019) • FHA took unprecedented actions to respond to the COVID-19 pandemic, which included implementing a moratorium on foreclosures, allowing for exterior appraisals and temporarily modifying verification of self-employment and rental income. (Mortgagee Letters 2020-04, 2020-05, 2020-06, 2020-13 and 2020-14) • FHA launched the FHA Catalyst: Case Binder Module for mortgagees to submit HECM case binders for endorsement. (Mortgagee Letter 2020-07; April 6, 2020) • FHA permitted alternative documentation options and delayed documentation delivery deadlines for HECM assignments impacted by the COVID-19 national emergency. (Mortgagee Letter 2020-12; April 14, 2020) Len Wolfson, Acting FHA Commissioner (May to July 2020) • FHA took more unprecedented actions to respond to the COVID-19 pandemic, which included implementing a moratorium on foreclosures, allowing for exterior appraisals and temporarily modifying verification of self-employment and rental income. (Mortgagee Letters 202019 and 2020-20) Dana T. Wade (July 2020 to January 2021) • FHA took more unprecedented actions to respond to the COVID-19 pandemic, which included implementing a moratorium on foreclosures, allowing for exterior appraisals and temporarily modifying verification of self-employment and rental income. (Mortgagee Letters 2020-27, 2020-28, 2020-34, 2020-37, 2020-40, 202043, 2020-44, 2020-46 and 2020-47) • FHA raised the national lending limit for HECMs to $822,375 (Mortgagee Letter 2020-42; December 2, 2020) • FHA announced revisions to Form HUD 92900-A, (92900-A) HUD Addendum to Uniform Residential The Evolution of the HECM, Part II continued on page 30 Dana Wade Brian Montgomery Len Wolfson REVERSE MORTGAGE / JULY-AUGUST 2024 29
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