The Department of Housing and Urban Development published a new “Home Equity Conversion Mortgage Required Documents for Endorsement” list. According to Mortgagee 2010-22, effective October 4, 2010, mortgagees are required to use the new list when submitting case binders to the Homeownership Centers. This endorsement list replaces the “Home Equity Conversion Mortgage Required Documents for Endorsement” list [...]

Compliance diligence proves the old adage that “an ounce of prevention is worth a pound of cure,” especially when it’s the federal government minding the scales. That was the summary message delivered by Ben Slayton, president, The Lender Approval Department, speaking about implementing an effective quality control plan during a Reverse Mortgage Compliance conference in [...]

The Department of Housing and Urban Development is soliciting public comments on a proposal to conduct a reverse mortgage study to determine the extent in which consumer protection issues exist and to define additional appropriate consumer protections if necessary. Called for in the Housing and Economic Recovery Act of 2008 (HERA), the Secretary of HUD is required to conduct a [...]

U.S. Treasury Secretary Tim Geithner announced that John G. Walsh will become Acting Comptroller of the Currency when John Dugan leaves office on August 14. Mr. Walsh currently serves as Chief of Staff and Public Affairs for the Office of the Comptroller of the Currency (OCC), a position he has held since October 17, 2005. In that [...]

Bloomberg is reporting that California mortgage brokers are facing closer scrutiny as the state adopts a federal law aimed at curbing the fraud and abuse that helped decimate the housing market. Brokers in the nation’s most populous state will be required by July 31 to have passed criminal-background and credit checks, as well as licensing exams. [...]

The Department of Housing and Urban Development announced that $79 million is available for a broad range of housing counseling programs to help families find and preserve housing.  The available funding is an increase of $21 million, or 27 percent, over last year. According to the agency, the grants will be awarded competitively to hundreds [...]