HUD Introduces New HUD-1 for Reverse Mortgages

November 30, 2010

HUD introduced a revised HUD-1 Settlement Statement that imposes penalties for false certifications or fraudulent activities and new language for sellers of a HECM for purchase transaction. The new certification language must be used for all HECM case numbers assigned on or after Dec. 1, 2010. Read on to learn how this impacts settlement agents.

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