On July 18, 2016 NAR submittecd comments to HUD regarding the Agency's proposed Home Equity Conversion Program (HECM) rule. This proposed rule would affect the HECM for Purchase program and the strength of the Mutual Mortgage Insurance Fund (MMIF) which would be of interest to our members. In the comment, NAR thanks HUD for taking steps to stabilize the HECM program and asks HUD (1) remove the requirement that pre-HECM counseling be completed prior to the borrower signing a sales contract or making an earnest money deposit and (2) allow for seller concessions in line with FHA rules for forward mortgages.
NAR Letter to HUD Golding Regarding FHAs Home Equity Conversion Mortgage (HECM)
Issue Date: July 18, 2016
On July 18, 2016 NAR submittecd comments to HUD regarding the Agency's proposed Home Equity Conversion Program (HECM) rule. This proposed rule would affect the HECM for Purchase program and the strength of the Mutual Mortgage Insurance Fund (MMIF) which would be of interest to our members. In the comment, NAR thanks HUD for taking steps to stabilize the HECM program and asks HUD (1) remove the requirement that pre-HECM counseling be completed prior to the borrower signing a sales contract or making an earnest money deposit and (2) allow for seller concessions in line with FHA rules for forward mortgages.
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