The Federal Housing Administration (FHA) proposed new regulations to reduce risks to its single family insurance fund by increasing the net worth requirements of approved lenders, strengthening lender approval criteria, and making lenders liable for the practices of their correspondent mortgage brokers.  The proposed rule would permit FHA to effectively focus its resources on lenders [...]

The US Department of Housing and Urban Development officially extended the loan limits for its FHA insured reverse mortgage program with Mortgagee Letter 2009-50. ML 09-50 provides notice of the 2010 comprehensive update to the Federal Housing Administration’s (FHA) single-family loan limits, under the authority of the recent passage of the Continuing Resolution, 2010 (CR) [...]

We do our best to stay up to date on reverse mortgage legislation but every once and a while something slips by and the Reverse Mortgage Fairness Act of 2009 is a perfect example.  New York’s Govenor signed A08305 in July and the bill became effective Oct. 26, 2009.  The bill amended Banking Law and [...]

AllRegs announced that reverse mortgage lender James B. Nutter & Company has successfully completed its 20 Hour Mortgage Loan Originator SAFE Comprehensive Course.  The course was approved by the Nationwide Mortgage Licensing System & Registry in August and fulfills the entire 20-hour pre-licensing requirement for originators.

One of the most interesting parts of the NRMLA Annual Conference last week was “Keeping HECMs Honest – The Inspector General’s Point of View,” a session led by Assistant Special Agent in Charge, Office of the Inspector General (OIG), U.S. Department of Housing and Urban Development (HUD), Michael Stolworthy. Stolworthy began the session by making [...]

For an industry that was mainly dependent on one investor only a year ago, things look a lot different in today’s reverse mortgage market.  Fannie Mae has seen its market share of reverse mortgages go from approximately 90% as of December 31, 2008, to 20% during the 3Q and 10% in September 2009.  According to [...]