mortgage (i.e., Home Equity Conversion Mortgage or HECM). Information on claim remittances that have been processed (both forward and HECM) can be viewed using the Claim Remittance History option. For further information, see the Claim Remittances module of the FHA Connection Guide. Getting the Commissioner's Adjusted Fair Market Value Price The new guidelines take effect for case numbers assigned on or after September 19, the same day the final rule takes effect. HUD invited industry participants to provide comment over a 30-day period beginning Thursday via the answers@hud.gov e-mail address. Read the full mortgagee letter here. Written by Alex Spanko. The HECM Insurance Applicationfunction on the FHA Connection (Figure 1) is used to request mortgage insurance for a HECM case and to add or update case information as needed prior to endorsement. It is used to process all of the HECM case types—traditional, purchase, and refinance. FHA Connection Guide. The FHA Connection Guide training modules offer detailed, illustrated information on using FHA Connection Single Family FHA loan processing-related functions and HUD lender resources. You can view online, save, and/or print each training module in the list below. The Federal Housing Administration (FHA) on Tuesday announced an increase in the appraisal validity period for all Single Family Title II forward and Home Equity Conversion Mortgage (HECM) transactions, increasing the period specifically for the HECM reverse mortgage program from 120 days to 180 days. This is according to the publication of HUD Issues New HECM Servicing FAQs, Revisions July 21, 2011, 4:06 pm By Elizabeth Ecker Share On The Department of Housing and Urban Development today released new and revised HECM servicing Frequently Asked Questions, including new guidelines regarding the sale of a HECM property after the borrower has left the home or passed away. Although there was mention of HECM in that ML, the guidance was strictly applicable to loan origination. It addressed closing costs that could be collected from the borrower in relation to obtaining an FHA loan to purchase a home and also what costs lenders could charge to HECM borrowers for origination. HECM loan was referred to HUD for a decision to accelerate the debt as the result of borrower's non-payment of T&I on the date the servicer specifies. NOTE: If the servicer subsequently enters into a repayment plan that meets HUD guidelines, then action code 53 (repayment plan) should be reported to eBoutique. Refer to the Servicing Guide E-4.5-02, Filing MI Claims for FHA Mortgage Loans for additional information on filing claims for FHA mortgage loans. Related Announcements The table below provides references to the Announcements that have been issued that are related to this topic. 5-03, Acquired Properties (05/28/2014) This Quick Start page defines the Single Family Servicing HECM Reports function. HECM Reports HECM Reports provides HUD Home Equity Conversion Mortgage Insurance Treasury Deposit reports for a selected date for the specified Servicer ID. On an average HECM loan of $118,000, this savings amounts to over $10,000 over a 10-year period, the average life of a HECM loan. Ginnie Mae's HECM Mortgage-Backed Securities Reference Guide (HMBS Reference Guide) is intended to provide new and existing issuers with a comprehensive overview of Ginnie Mae's HMBS program. On an average HECM loan of $118,000, this savings amounts to over $10,000 o