• HUD implemented the final rule published on March 1, 2023, that governed the transition away from the LIBOR Index. (Mortgagee Letter 2023-09; May 2, 2023) • FHA finalized policies to expedite HECM assignments. (Mortgagee Letter 2023-10; May 17, 2023) • FHA improved its ability to make prompt payments in the event of a mortgagee default to ensure HECM borrowers receive scheduled or requested funds in a timely fashion. (Mortgagee Letter 202315; July 11, 2023) • FHA updated its financial assessment guidelines to permit income from accessory dwelling units to be used in qualifying older homeowners for a HECM. (Mortgagee Letter 2023-17; October 16, 2023) • FHA extended a foreclosure moratorium through May 6, 2024, in Maui County, HI, for HECM borrowers impacted by the wildfires that decimated the area in August 2023. (Mortgagee Letter 2023-19, November 2, 2023) • FHA increased the dollar amount that it would reimburse for property inspection fees incurred by servicers. (Mortgagee Letter 2023-20; November 14, 2023) • FHA increased the national lending limit for HECMs to $1,149,825. (Mortgagee Letter 2023-22; November 28, 2023) • FHA implemented numerous servicing policy changes to improve the HECM program’s financial stability and overall performance. (Mortgagee Letter 2023-23; November 30, 2023) • FHA implemented the provisions of a final rule published in February 2024 that made it optional for mortgagees to register branch offices where they originate FHA-insured mortgages, including HECMs. (Mortgagee Letter 2024-04; March 19, 2024) (Note: A full interview with Gordon appears in this issue on p. 10.) Darryl Hicks is NRMLA’s vice president of communications. Partnership you can trust. Dedicated to never competing with you - your success is our success. Ready to experience the difference? Visit Celink.com Deep Industry Experience 96% Borrower Satisfaction Rating Independence and Alignment with Clients Robust Specialized Technology Reverse Mortgage Is Our Core Competency © Celink. All rights reserved. NMLS #3020 - http://nmlsconsumeraccess.org. Compu-Link Corporation dba Celink (WA license# CL3020 and 603 018 607) REVERSE MORTGAGE / JULY-AUGUST 2024 31
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