What I Need to Know . . .

About HECM Insurance Application

Completing the HECM Insurance Application Form

Tips for Changing Borrower Information
Incomplete and invalid borrower information can result in denial of FHA insurance endorsement (i.e., a NOR may be issued). Use HECM Insurance Application to enter and/or correct information in Borrower Information (name, Social Security Number (SSN), birth date, ethnicity, race, sex, etc.).

	Below is format guidance for entering the name of the borrower/coborrower(s):
		Last, First MI (Example: Doe, John J)
		Last Suffix, First MI ( Example: Doe Jr, John J)
		If the last name exceeds 22 characters, enter as much of the last name as possible, then enter one character for the first name (Example: Bartholomew Milhouse-Rumpelstiltskin should be entered: Milhouse-Rumpelstilt, B).

	For HECM refinance cases, borrower information must match that on the old case.

	All borrowers must be at least 62 years of age. (Non-borrowing spouse (NBS) must be at least 18 years of age.)

Each time the borrower(s) information is updated, it is checked against several government agency records.

	If a borrower is found to be associated with other FHA-insured mortgages, or is found to have a claim or default recorded for a federal or FHA-insured loan, a warning message displays. Case processing may continue, but the warning may warrant further investigation of the borrower(s).

	If an error occurs, an error message is displayed with a brief explanation. You must correct the error(s) to continue processing.

	Additionally, for all cases, borrower information is submitted for overnight validation to verify borrower name/birth date/SSN combinations. The results of the validation can be obtained the next business day using Holds Tracking on the Case Processing menu. See WINK, Holds Tracking.