FHA issued Mortgagee Letter 2023-15 updating requirements related to HECM borrower payments due to mortgagee default. Per the Mortgagee Letter, FHA changed the process FHA employs for instances of anticipated or actual default of a lender or servicer’s disbursement obligations to a HECM borrower. Specifically, FHA provided additional sources from which FHA can receive notice of a lender or servicer’s anticipated or actual default on borrower payments, and added a requirement that lenders and servicers provide FHA with borrower payment information when FHA determines the lender or servicer is unable or unwilling to make the required borrower payments. The Mortgagee Letter is effective July 11, 2023.
Click to view the FHA Mortgagee Letter 2023-15: https://www.tenaco.com/wp-content/uploads/2023/07/FHA-Mortgagee-Letter-2023-15-07-11-23.pdf
Click to view the FHA Info #2023-55: https://www.tenaco.com/wp-content/uploads/2023/07/FHA-Info-2023-55.pdf
