MBA Comment Letter on FHA HECM Mortgage Letter
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The Mortgage Bankers Association appreciates the opportunity to comment on the Federal Housing Administration’s (FHA) draft mortgagee letter, Modifications to the Home Equity Conversion Mortgage (HECM) Requirements Related to Secretary Payment of Borrower Disbursements Due to Mortgagee Default. MBA supports FHA’s proposal to revise the agency’s investigation requirements regarding whether a mortgagee can meet their disbursement obligation to HECM borrowers. MBA also applauds efforts by FHA to require a mortgagee who failed to make a distribution obligation to provide information to FHA.
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