FHA Adds 2 New MLs for Loan-Level Certification, Manufactured Home Standards

On the heels of announcing a slew of Mortgagee Letters (MLs) this week dedicated to continuing relief programs in the midst of the COVID-19 coronavirus, the Federal Housing Administration (FHA) on Tuesday published two additional Mortgagee Letters (MLs) which apply to both the traditional forward mortgage and Home Equity Conversion Mortgage (HECM) programs. Manufactured housing […]

HUD Extends Pandemic Reverse Mortgage Relief to 2021 in Slew of Mortgagee Letters, Waivers

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced the extension of relief initiatives which apply to the reverse mortgage program in a slew of Mortgagee Letters (MLs) issued on December 17, and which were formally announced on Monday. The agencies also announced new extensions of Home Equity […]

Rep. Fudge Opens Up About HUD Secretary Nomination

In her first wide-ranging interview discussing her nomination by President-elect of the United States Joe Biden to serve as the next Secretary of the U.S. Department of Housing and Urban Development (HUD), Rep. Marcia Fudge (D-Ohio) describes what she sees as the priorities of her role in leading the Department in a discussion with the […]

HUD Financial Report: Reverse Mortgages ‘Undermine’ MMI Fund, Enhanced Lender Oversight Needed

Despite noted improvements in the financial standing of the Home Equity Conversion Mortgage (HECM) book of business in recent years, losses in that portion of the Mutual Mortgage Insurance (MMI) Fund continue to “undermine” the fund’s stability, exposing “weaknesses” in the U.S. Department of Housing and Urban Development (HUD)’s internal control mechanisms. These are just […]

FHA: Wire Transfers to Pay Off Reverse Mortgages, Partial Claims Not Permitted

The Federal Housing Administration (FHA) on Tuesday announced that it has published new Frequently Asked Questions (FAQ) information specifying how Secretary-held Home Equity Conversion Mortgage (HECM) loans can be paid off, reminding the industry and the public that a wire transfer for such a transaction is not permitted. “All payoffs for Secretary-Held HECMs and Partial […]

Biden Expected to Pick Fudge of Ohio as HUD Secretary

President-elect of the United States Joe Biden is expected to name U.S. Rep. Marcia L. Fudge (D-Ohio) as the next Secretary of the U.S. Department of Housing and Urban Development (HUD), according to reporting at the Washington Post and New York Times. As the nominee-designate to lead HUD, Fudge is coming off of a 12-year […]

HUD Secretary Will Face Major Problems in Light of Pandemic in 2021

While several names have been floated recently in terms of who President-elect of the United States Joe Biden may nominate for Secretary of the U.S. Department of Housing and Urban Development (HUD), one thing is for certain: the next HUD Secretary will face a series of major problems and obstacles that must be addressed stemming […]

[Updated] Reverse Mortgage Lending Limit Rises to Over $822k in 2021

The lending limit for federally-backed reverse mortgages is increasing for the fifth consecutive year in a row, set to hit $822,375 in 2021. The Department of Housing and Urban Development (HUD) announced on Wednesday via Mortgagee Letter (ML) 2020-42 a maximum claim amount of $822,375 for calendar year 2021, a rise of $56,775 from the […]

FHFA Increases Conforming Loan Limits for Fannie, Freddie in 2021

The Federal Housing Finance Agency (FHFA) announced on Wednesday that it would be increasing the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for the fifth consecutive year. In most of the United States, the maximum conforming loan limit for one-unit properties in 2021 will be $548,250, an increase […]

November Election Results Could Impact Key Reverse Mortgage Issues in 2021

The results from the November general election in the United States could have notable impacts on key issues relevant to the reverse mortgage industry including the selection of a new servicing contract for the Federal Housing Administration (FHA), the legislative priorities of the White House and Congress as it relates to matters of housing, the […]