As PHH Mortgage/Liberty Reverse Mortgage (Liberty) continues to make improvements to enhance our Partner’s experience, as of March 13, 2023, we will make it easier for Partners to request single unit approvals.
Liberty will offer single-unit condo reviews/approvals for qualified unapproved FHA condo properties. Partners will work directly with Liberty’s Vendor, FHA Pro LLC, to determine if the subject property meets FHA requirements for single-unit approval.
Send email to Lender Support – firstname.lastname@example.org and/or assigned Account Manager for directions on how to order single-unit condo reviews from FHA Pro LLC.
How to Expedite FHA Pro LLC’s Single-Unit Condo Review
STEP 1 – Determine HECM Borrower Eligibility Requirements for Single-Unit Approval
FHA will insure a reverse mortgage on a unit in a condominium project that is not included in the list of FHA approved condominiums if the project meets certain minimum requirements, including maximum FHA insurance concentration for Single-Unit Approval. FHA will insure HECMs on Units approved in accordance with Section II.A.8.p.iii, Single-Unit Approval, of Handbook 4000.1, provided that the mortgagee verifies the prospective HECM borrower:
- meets the applicable geographical residual income standard as stated in Section 3.100 of the HECM Financial Assessment and Property Charge Guide without the use of Compensating Factors; and
- has a satisfactory property charge payment history as stated in Section 2.28 of the HECM Financial Assessment and Property Charge Guide without the use of Extenuating Circumstances. All other existing HECM eligibility and program requirements remain in effect.
STEP 2 – Partner to gather required condo documents from HOA/HOA Management Company for FHA Pro LLC review
STEP 3 – Liberty to provide instructions on how to order from FHA Pro LLC
Email Lender Support – email@example.com and/or assigned Account Manager for directions on how to order single-unit condo reviews from FHA Pro LLC.
If you have any questions, please contact your Regional Account Executive or Sales Support.
The information provided in this communication is for real estate professionals only. This information is not intended for distribution to consumers, as defined by §226.2 of Regulation Z, which implements the Truth-In-Lending Act. Information is subject to change without notice. It is your responsibility to ensure your clients and or applicants understand the loan programs offered and consult appropriate government agencies for legal and compliance guidance. Affiliate partners and broker correspondents are independent entities and do not form legal partnership or agency relationships with Liberty Reverse Mortgage.