I’ve received dozens of emails from RMD readers asking about the status of the HECM loan limits but I haven’t had any updates.  Yesterday I was forwarded a letter that was mailed out by California Senator Barbara Boxer regarding the HECM loan limits (thanks Heather).  According to Senator Boxer, the HECM loan limit has been […]

When the Housing and Economic Recovery Act of 2008 was signed into law by President Bush, the Bill called for HUD to consider utilizing some of its FHA Mortgage Insurance Premium income to pay counseling costs.  The provision was supposed to allow borrowers to receive counseling from an independent third party not associated with the […]

Not sure if people were aware of this already, but I  stumbled across a nice tool that HUD provides called Neighborhood Watch.  According to HUD, Neighborhood Watch is intended to aid HUD/FHA staff in monitoring lenders and provide a tool to the public to help everyone in self-policing the mortgage industry.
The system is designed to […]

Yesterday HUD published a final rule which adopts an interim rule that makes two technical changes to the HECM.  First, the rule extended the date for calculating maximum claim amount in the HECM from the date of the underwriter’s receipt of the appraisal to the date of closing.  According to HUD, this change provides […]

Today Fannie Mae announced that they would be discontinuing their Home Keeper reverse mortgage product.  With the Housing and Economic Recovery Act of 2008 being signed into law, there is no real need for the product.  Below is a copy of the announcement from FNMA.