MBA Letter to FHA on Proposed Changes to HECM for Purchase Program

2023 Comment Letters Government Lending Government Servicing Policy Issue Residential
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The Mortgage Bankers Association writes to express our strong support for the Federal Housing Administration's (FHA) proposed changes to ensure the stability and broad availability of the Home Equity Conversion Mortgages (HECM) program products in Federal Notice, Home Equity Conversion Mortgage (HECM) HECM for Purchase – Acceptable Monetary Investment Funding Sources and Interested Party Contributions. MBA applauds FHA’s proposal to expand additional funding sources available for borrowers to meet their monetary investment requirement to qualify for an HECM-for-Purchase loan.