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Posted February 8th, 2016

Update of Preservation and Protection (P&P) Requirements for FHA Title II Forward Mortgages and Home Equity Conversion Mortgages

Today, the Federal Housing Administration (FHA) published Mortgagee Letter 16-02: Update of Preservation and Protection (P&P) Requirements and Cost Reimbursement Procedures for Title II Forward Mortgages and Home Equity Conversion Mortgages (HECMs).  This Mortgagee Letter updates property preservation and protection (P&P) guidance related to properties securing FHA-insured mortgages and:

  • Increases the Maximum Property Preservation Allowance;
  • Adds, clarifies, and increases specific property repair line items;
  • Emphasizes FHA’s current conveyance condition standard;
  • Reminds mortgagees of FHA’s inspection requirements; and   
  • Provides information on the claim’s calculation and documentation requirements for property P&P actions.

The updated requirements are effective on February 1, 2016.

The policies set forth in this Mortgagee Letter modify or supersede where there is conflict, Mortgagee Letter 10-18 and its exhibits.

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