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HUD Gives HECM Lenders a Break On Assignments.(home equity conversion mortgages)(Brief Article)
The Department of Housing and Urban Development has fixed the way it takes assignments of reverse mortgages so that servicers make a clean handoff of a loan without incurring incremental losses to the investor.
HUD also informed servicers of Federal Housing Administration home equity conversion mortgages that Deloitte & Touche LLP, is responsible for handling servicing issues. Wendover Financial Services, Greensboro, N.C., used to have the HECM servicing contract.
A subcontractor to D&T, First Madison Services Inc., Shelton, Conn., is responsible for the day-to- day servicing of assigned HECM loans.
FHA mortgagee letter 2001-16 explains that "all assignment requests and inquiries regarding assigned HECM first mortgages and secretary-held
subordinated mortgages should be directed" to First Madison Services. Until July 1, First Madison was known as the Clayton Group.
As a HECM loan nears maturity, HUD takes assignment of the loan and pays off the claim.
This assignment is supposed to take place when the reverse mortgage balance (principal and accrued interest) reaches 98%.
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