On Monday, September 20, 2010, HUD issued Mortgagee Letter 2010-34 which made some sweeping changes to the Home Equity Conversion Mortgage (HECM) program. The changes included the introduction of a new program, the HECM Saver loan, new insurance premium factors for both the HECM and HECM Saver programs, and new principal limit rate factors for both programs that MUST be used for any loans applied for on or before October 4, 2010.
Tuesday, September 21, 2010, Math Corporation began making the changes necessary to implement the new programs and rate factors. Late Tuesday the ZMathReverse component was released to our client base ready for the October 4 implementation date. We also initiated changes to the eZMathReverse program and will have that up and running on the web site on October 4. If you are affected by these changes, you need to be sure that you have the current version in place prior to October 4. If you have any questions, please contact us immediately.