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About this Product
PROGRAM INFORMATION
The U.S. Department of Housing and Urban Development has published revised loan documents for FHA-insured mutlifamily mortgage loans, including a new form of legal opinion letter from borrower's counsel. The new forms will be required for all FHA-insured loans (other than loans for healthcare facilities) beginning on September 1, 2011. HUD's loan forms were last revised in 2003, and opinion practice in private sector transactions has evolved substantially since then. HUD has modified its form of legal opinion to reflect some changes in opinion practice, but it has also retained many of the features that historically have been a source of concern for borrower's counsel.
This program will examine the changes to the HUD opinion form and will highlight issues that every lawyer should be aware of in issuing opinion letters using the new form, including:
Negotiability of the opinion letter
Role of the opinion letter in the closing process
Documents that are the subject of the opinion letter
Due diligence required for certain opinions
Deviations from customary opinion practice
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