New HECM Principal Limit Factors: ML 14-12 announces new HECM Principal Limit Factors. The new factor tables have been wholly revised and now also include PLFs for use where the Borrower has a Non-Borrowing Spouse younger than 62. Read ML 14-12 for guidelines.
Limit on Insurability of Fixed Interest Rate Products under the HECM Program: ML 14-11 limits the insurability of fixed interest rate mortgages to those with Single Disbursement Lump Sum payment option and other program changes. Read ML14-11 for pipeline processing timeframes and guidelines for using revised fixed rate HECM Loan Documents.
Marketing and Advertising Prohibitions and Reminders ML 14-10: This ML reminds mortgagees of the FHA requirements prohibiting misleading or deceptive advertising and clarifies that this prohibition extends to misleading or deceptive descriptions of the HECM program.
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