A public hearing in Massachusetts will be held to clarify the opt-in and counseling certification requirements for in-person reverse mortgage counseling, the state Division of Banks has announced. The hearing, scheduled for September 14, will also establish the eligibility, procedures, disclosures and counseling requirements for the reverse mortgage program. There may be changes made to [...]

Struggling homeowners in 27 states and Puerto Rico have been granted another window of opportunity to enroll in the Emergency Homeowners Loan Program (EHLP) now that the U.S. Department of Housing and Urban Development (HUD) has extended the deadline and reopened the application process. The original deadline was July 27, but HUD estimates it will [...]

Ginnie Mae announced Friday that it will now allow issuers to repurchase loans that have have completed the required three-month trial payment plans, pursuant to loan modification parameters authorized by the Federal Housing Administration and other agencies. By eliminating the loans that are at high risk for default, this change should serve to strengthen the performance of Ginnie [...]

The U.S. National Home Price Index (HPI) increased 3.6% in the second quarter of 2011, recovering somewhat from its first-quarter low, the S&P/Case Shiller Home Price Indices reported today. Average home prices across the nation are back to their early 2003 levels. Despite the upward trend, the National Index is still posting an annual decline [...]

The dual licensing system currently in place to regulate federally-chartered banks and state entities that do not fall under the national regulatory umbrella could be putting some originators at a disadvantage. Especially light of recent exits of large national banks from the reverse mortgage industry where many lenders operate under state licensing, it can be [...]

Changes to HECM counseling protocol were announced Friday by the Department of Housing and Urban Development, which now requires that all owners shown on the property deed as well as any non-borrowing spouse must personally receive counseling. Additionally, the HECM Saver has been added as one of the options counselors will present to clients and when a Power [...]