MortgageReverse

HUD Changes HECM Face to Face Interview Policy

Today, the Federal Housing Administration (FHA) approved lenders as well as HUD approved housing counseling agencies to allow prospective HECM borrowers the option of meeting face-to-face or by telephone to complete the loan origination process as well as counseling activities.

Prior to this change it was a requirement for borrowers to meet face-to-face with either the lender or the approved HECM counselor.  Borrowers were not able to participate in both loan origination activities and counseling over the phone. 

To read a copy of the Mortgagee Letter check out the link below.

HUD Mortgagee Letter 2007-08

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