HUD issued Mortgagee Letter 2016-10. Under the Mortgagee Letter, the compounding interest rate (commonly referred to as the growth rate) used when calculating the servicing fee set-aside with respect to a HECM is revised to use the note rate (rather than the expected average mortgage rate and the annual MIP rate). The Mortgagee Letter also permits servicers of HECM loans to pass costs of obtaining third party verification of an applicant’s property tax payment history to the borrower. In addition, the Mortgagee Letter provides a revised HECM Financial Assessment and Property Charge Guide.
Fannie Mae
Fannie Mae Issues Servicing Guide Announcement SVC-2024-06
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
November 14, 2024
