A new bill introduced by Rep. Maxine Waters on Monday would bring greater oversight to servicers of single-family home loans, in response to what the California Democrat has called “bad behavior” from players in the industry. Under the Homeowner Mortgage Servicing Fairness Act of 2018, all mortgage servicers that work with Fannie Mae and Freddie […]

In a report that lays out the dire retirement future facing many Americans, a pair of researchers for a prominent think tank argue that the federal reverse mortgage program requires a significant overhaul in order to serve seniors into the future. Martin Neil Baily of the Brookings Institution and Benjamin H. Harris of the Kellogg […]

More than a year after their story was first publicized, residents at a 55-and-over community in Arizona claimed an important victory that will allow them to secure reverse mortgages and other Federal Housing Administration-backed loans on their properties. Officials at Sun City West, an active adult community located about 30 miles to the northwest of […]

The U.S. Senate on Wednesday voted to confirm Brian Montgomery as Federal Housing Administration commissioner, ending a long-delayed process that began last fall. The final vote was 74-23 in favor of confirmation. President Trump nominated Montgomery, who had previously served as FHA commissioner under the second President Bush from 2005 to 2009, for the post in September. […]

One of the anecdotes circulating around the industry is that a Department of Housing and Urban and Development employee is claiming that reverse mortgage losses in the Mutual Mortgage Insurance Fund (MMIF) will drop if volume goes up. The logic is that the higher the endorsements, the more mortgage insurance premiums (MIPs) there will be […]

The Federal Housing Administration this week again extended the timeline for reverse mortgage foreclosures in territories affected by Hurricane Maria last year. All Home Equity Conversion Mortgage foreclosure timelines will be extended through August 16 in the Presidentially-Declared Major Disaster Areas (PDMDAs) in Puerto Rico and the U.S. Virgin Islands — which cover the entirety […]

The Federal Housing Administration’s outdated computer systems were partially to blame for nearly 10,000 improperly insured mortgages, a blunder that could end up costing $41 million in federal money. An internal investigation in March revealed that in 2016, the FHA signed off on 9,507 mortgages  — with a total balance of $1.9 billion — for borrowers […]