In May HUD approved borrower paid counseling for reverse mortgages as long as the borrowers are not considered hardship cases.  Recently NRMLA issued a “Best Practice” for members to consider adopting as a way to increase uniformity and efficiency in the administration of the borrower paid billing process for the benefit of all industry stakeholders […]

NRMLA recently announced that the U.S. Department of Housing and Urban Development published Mortgagee Letter 2008-14, Home Equity Conversion Mortgage Program - Non FHA Approved Mortgage Brokers, which provides long-awaited guidance on the role of “advisors” in the HECM program.
ML 2008-14 clarifies that “advisors” (referred to as non-approved entities or third parties) cannot be […]

The major news that came out of the NRMLA event in Philadelphia was regarding the FHA Modernization bill and how it would apply to reverse mortgages.  Below is an overview of what Peter Bell told us: 

Agreed on a compromise that would replace the 1.5% fee cap in the pending bills with an alternative position. 
The alternative […]