FHA has issued a new Mortgagee Letter designed to curb instances of appraisal bias on the basis of race, color, national origin, religion, sex, familial status, or disability. This is designed to reflect an Executive Order issued by President Biden in January.
For the first time since 2015, the reverse mortgage portfolio inside the Mutual Mortgage Insurance (MMI) Fund has hit positive territory, which the U.S. Department of Housing and Urban Development largely attributes to strong house price appreciation. This story has been updated with industry reaction and new demographic data.
A senior official with FHA indicated strong reverse mortgage program performance in FY 2021, and that the product has seen notable uptake even considering major constraints including the pandemic.
A series of changes to the HECM section of HUD’s Single Family 4000.1 handbook has been delayed to the end of the year, as work by the industry continues to properly absorb all of the proposals.
One of the newest members of the U.S. Department of Housing and Urban Development (HUD) Federal Housing Counseling Advisory Committee is a representative of the reverse mortgage industry, and we sat down with her to discuss what that could mean for the future.
A senior FHA official who oversees the HECM program will be delivering a keynote address to reverse mortgage professionals at an upcoming trade association virtual conference.
In response to an initiative from President Biden, HUD has announced specific measures it is taking to mitigate the impact of climate change on the vulnerable populations it serves.
HUD has requested stakeholder comments regarding the implementation of rules phasing out the LIBOR index for adjustable-rate forward and reverse mortgages.
HUD has announced a new single-family secretary-held mortgage servicing contractor, but details that the Secretary-held reverse mortgage portfolio will remain where it is for the time being.
FHA has posted a series of proposed changes to Home Equity Conversion Mortgage (HECM) program guidance to the Single Family Drafting Table, available for review through mid-November.