After the previous delay in the implementation of the Financial Assessment component that will now be utilized for Reverse Mortgages (i.e. HECM’s – Home Equity Conversion Mortgages), an effective date of April 27th is currently when it is supposed to go into effect. Any Reverse Mortgage Transactions that have had an FHA (Federal Housing Administration) Case Number generated prior to April 27th will be exempt from the new qualification process. In order to obtain an FHA Case Number, potential Borrowers will have to complete their “Reverse Mortgage Counseling” (which now includes an extended waiting period before the Loan Process can formally begin) and then Sign the HECM Loan Application & Disclosures. Once those two steps are completed, the Lender can request an FHA Case Number. As is often the case when major changes are on the horizon in the Lending Environment, there will most certainly be a last minute increase in the volume of FHA Case Number requests as Applicants rush to beat the deadline. This will undoubtedy put a strain on the Lender’s Underwriting resources and possibly even the FHA Website…although one would imagine that HUD (Housing and Urban Development) is taking steps to increase available Band Width in anticipation of the increased traffic.