The Senate looks like it’s ready to pass a Continuing Resolution on Wednesday, which is needed in order to avoid a government shutdown before the new fiscal year begins Oct. 1st. The bill would also extend the $625,500 loan limit for reverse mortgages insured by the Federal Housing Administration according to a draft summary released on Tuesday. [...]

Results from a Department of Housing and Urban Development survey on the 2009 New Orleans Metropolitan Area Housing found a significant increase in the cost of housing after Hurricane Katrina. The first survey of its kind since the hurricane devastated metro New Orleans five years ago, found the median monthly cost of housing increased 33.2 percent, [...]

The Department of Housing and Urban Development released new submission requirements for lenders sponsoring third party originators last week. For transactions originated by an FHA-approved loan correspondent, mortgagees should follow the current process through December 31, 2010. As of January 1, 2011, the FHA-approved loan correspondent program will no longer be available, and mortgagees must [...]

The Department of Housing and Urban Development announced two big changes and the reverse mortgage industry is still trying to figure out what it all means. As expected, HUD reduced the principal limits but surprised the industry by lowering the floor from 5.50 percent to 5.00 percent. “We made the suggestion for them to lower [...]

A new proposal from the Federal Trade Commission would ban misrepresentations for all mortgages and allow the agency and states to seek civil penalties against those who violate the rule. According to the FTC, the move is meant to further strengthen its longstanding enforcement program and make the agency more effective in combating deceptive advertising.  The proposed rule would [...]

The Department of Housing and Urban Development announced the availablility of more than $5.1 million in grants for housing counseling training. HUD’s goal is to fund eligible organizations to deliver training in the full spectrum of counseling services. HUD Secretary Shaun Donovan made the announcement while meeting with borrowers and homeowners receiving counseling at an [...]