Bulletin: SLS2010024

Date:
December 03, 2010
To:
All Issuing Offices
RE:
New HUD-1 Closing Certifications for HECM closings required by FHA

Dear Associates:

By Mortgagee Letter 2010-39 dated November 19, 2010, HUD announced new required Closing Certifications which must be attached to the HUD-1 Settlement Statements for FHA Home Equity Conversion Mortgages (HECM) transactions. The precise language of the required Closing Certifications appears on the Attachment to the Mortgagee Letter 2010-39.

A copy of Mortgagee Letter 2010-39 can be obtained at
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-39ml.pdf.

The Attachment to Mortgagee Letter 2010-39 sets forth the exact language of the required Closing Certifications and can be obtained at
http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-39mlatch.pdf.

The new Certification language must be used for all HECM case numbers assigned on or after December 1, 2010.

If you have any questions relating to this or other bulletins, please contact Stewart Legal Services or your local underwriting personnel.

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THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None