On August 28, 2015, FHA announced that it had identified a field edit in FHA Connection (FHAC) that does not allow a mortgagee to complete the Financial Assessment Update screen on HECMs with negative residual income. To address these limited situations, temporary procedures will be available on August 31, 2015 to facilitate submission of these and other HECM transactions.
Additionally, subsequent to the release of the HECM Calculator, Version 2.2, FHA was notified that the software incorrectly defaults in some cases to the 2.50 percent mortgage insurance premium rate when a value is entered in the Cash from Borrower and Cash from Lender fields. The temporary procedures for the HECM calculator version 2.2 will be available on August 31, 2015 for HECMs that are in process and have not closed. FHA will implement changes to the HECM Calculator software in the near future to address these limited situations.
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