On the heels of a housing proposal including major reverse mortgage program overhauls, HUD Secretary Dr. Ben Carson stressed the Home Equity Conversion Mortgage issues in prepared remarks Tuesday. This, as the House of Representatives prepares to convene a hearing later this month specifically centered on the HECM program. Carson’s remarks, prepared for a Senate […]
The Department of Housing and Urban Development (HUD) issued a new Mortgagee Letter (ML) late Wednesday offering procedures that mortgagees must follow for single-unit approval case number assignments. “This Mortgagee Letter provides interim instructions, pending changes being made to FHA systems, for the upcoming process of obtaining an FHA case number for a Unit in […]
The Federal Housing Administration announced Thursday some newly-proposed changes to its annual lender certification in an effort to, “better align with statute and regulation” in a way that does not undermine its ability to hold lenders accountable for compliance with FHA approval and continuing eligibility requirements. The agency made its initial proposal on the matter […]
Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing. The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified […]
The Department of Housing and Urban Development (HUD) announced Thursday new policy action initiatives designed to reduce the risks associated with cash-out refinance lending. It aims to accomplish this by lowering its maximum loan-to-value (LTV) requirements for cash-out refinance transactions from 85 percent to 80 percent, which will be effective for loan case numbers assigned […]
The office of Congresswoman Maxine Waters (D-CA), chairwoman of the House Financial Services Committee, announced last week the development of new legislation specifically designed to mitigate the number of foreclosures associated with forward mortgage loans backed by the Federal Housing Administration (FHA). The proposed bill, called the FHA Foreclosure Prevention Act of 2019 aims to […]
The Department of Housing and Urban Development (HUD) announced last week that Home Equity Conversion Mortgage (HECM) loans with expected rates of less than 3 percent can now be set up in HUD’s systems after fixes were incorporated into the platform. This is according to update notes released on the Home Equity Reverse Mortgage Information […]
The Department of Housing and Urban Development (HUD) has publicly announced its intention to sell multiple pools of approximately 1,500 reverse mortgage loans that are secured by properties with loan values in the hundreds of millions of dollars. This is according to a notice posted in the Federal Register last week. “This notice announces HUD’s […]
Because of the government-insured nature of the Home Equity Conversion Mortgage (HECM) program, many of the biggest and most influential changes to it come from the federal government, specifically the Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA). The possibility of new HECM program changes was one of the topics […]
The Department of Housing and Urban Development (HUD) has released its Q2 Federal Housing Administration (FHA) Single-Family Mutual Mortgage Insurance (MMI) Fund Programs report to Congress, which details that the Home Equity Conversion Mortgage (HECM) program is continuing a predicted trend of overall budget positivity as predicted by a budget proposal earlier this year. According […]
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