Skip to main content

LoanMarket.NET launches marketplace for buying and selling whole mortgage loans

National Mortgage Professional
Apr 05, 2009

HUD issues Mortgagee Letter to clarify HECM for Purchase program requirementsMortgagePress.comU.S. Department of Housing and Urban Development, Mortgagee Letter 2009-11, HECM, reverse mortgages On March 27, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2009-11 to clarify and compile HUD's guidance on the Home Equity Conversion Mortgage (HECM) for Purchase program. The program permits seniors to purchase a new principal residence with HECM proceeds. The guidance reiterates that HECM mortgagors may only have one principal residence at any given time; in order to take advantage of the HECM for purchase program to obtain a new principal residence, the mortgagor must pay off their existing FHA-insured mortgage. Additionally, only properties where construction is completed are eligible for FHA insurance under the program, and a number of different property types, including cooperatives, boarding houses, and certain manufactured homes, are ineligible. The Letter also provides guidance on avoiding property flipping under the program, for appropriately managing repairs and set-asides, for determining the maximum claim amount under the program, and for ensuring only approved funding sources are used. For a copy of Mortgagee Letter 2009-11, click here. For a copy of the attachment to Mortgagee Letter 2009-11, click here. For more information, visit www.hud.gov
Published
Apr 05, 2009
More from
Tech
Capacity Closes $38M In Series C Funding, Surpasses $62M In Total Capital Raised

AI-powered automation platform, Capacity, announced an additional $27 million in Series C funding, closing out the round at more than $38 million.

Tech
Jan 19, 2022
Bubble Releases Its Insurance-in-a-Box Offering

A new technological innovation straight out of Silicon Valley provides companies home and life insurance an instantaneous online process.

Tech
Jan 17, 2022
OptifiNow And NextUs Lending Announce New Partnership

CRM solutions provider, OptifiNow, announced its latest partnership with Irvine-based non-QM wholesale lender, NextUs Lending.

Non-QM
Jan 13, 2022
Digital Lending Platforms Market Size Undergoes Extraordinary Growth

The global digital lending platform market size is projected to reach $20.31 billion by 2027.

Tech
Jan 12, 2022
Demand For Financial Protection Policies Increase

As the number of claims increased over the pandemic, premiums for financial protection policies rose.

Tech
Jan 12, 2022
loanDepot Wholesale Upgrades mello Broker Portal

loanDepot Wholesale will introduce new upgrades to its mello®Broker Portal to further streamline the closing process for brokers and settlement agents.

Tech
Jan 12, 2022