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Gov. Updates

HUD Approves Borrower Paid Counseling For Reverse Mortgages

May 12th, 2008  |  by admin  |  published in Gov. Updates, News, Reverse Mortgage

Last week the U.S. Department of Housing and Urban Development published Mortgagee Letter 2008-12 to permit counseling agencies to charge seniors a fee for counseling services. HUD said the counseling fee should be reasonable and customary for the service provided and not exceed $125.  The payment of the fee can be paid using one of […]


Reverse Mortgage FHA Modernization Update

May 11th, 2008  |  by admin  |  published in Gov. Updates, NRMLA, News, Reverse Mortgage

Last week NRMLA announced that the Financial Services Committee Chairman Barney Frank (D-MA) planed to bring “The American Housing Rescue and Foreclosure Act” to the House floor for a vote.  NRMLA said the plan was a “rollup” piece of legislation that includes a number of housing related matters, including FHA Modernization.
The legislation includes the recent […]


New Mortgagee Letter Provides Guidance On Fixed Rate HECMs

April 6th, 2008  |  by admin  |  published in FHA, Gov. Updates, News, Reverse Mortgage

At the end of March HUD issued Mortgagee Letter 2008-8 to provide guidance to lenders who are offering the HECM fixed product.  There was confusion on the product which lead to most lenders requiring 100% of funds to be withdrawn at closing.  Some lenders would allow a line of credit but the rate was […]


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John R. Yedinak is a licensed Loan Originator and works for Vacation Finance An Illinois Residential Mortgage Licensee.

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