| HUD ML 2004-22: Elimination of Paper MICs for HECM Claims |
| Thursday, 24 June 2004 | |
|
Following please find the new release of HUD ML 2004-22 regarding the Elimination of Paper MICs for HECM Claims. Summary Mortgagee Letter 2003-17, issued October 16, 2003, discussed several changes that the Department implemented to simplify both the origination and claim filing processes. The guidance was intended to cover all single-family FHA-insured mortgages insured under Title II of the National Housing Act, which includes Home Equity Conversion Mortgages (HECMs). The instructions provided in Mortgagee Letter 2003-17 did not
specifically address HECM mortgages in the discussion of acceptable
screen prints to be used in lieu of the paper Mortgage Insurance
Certificate (MIC) for HECM claim submissions. To correct the
oversight, this mortgagee letter confirms that for HECM mortgages,
the Department has stopped issuing paper MICs and shall begin
accepting screen prints from HUD's Insured Accounting Collection
System (IACS/F12 system) in lieu of submission of the original
paper MIC to accompany claim submissions. |
