The Federal Housing Administration today announced it is extending its relaxed appraisal requirements for most FHA-ensured loans originated during the coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-14 runs through June 30. Previously, the allowance for desktop and curbside appraisals was in place through May 17, per ML 2020-05 published in late March. […]
The Consumer Financial Protection Bureau (CFPB), in conjunction with the Department of Housing and Urban Development (HUD) and Federal Housing Finance Agency (FHFA), today announced the launch of a new website to help homeowners and renters impacted by the COVID-19 crisis. The site offers resources to help mortgage holders and renters find relief in cases […]
After serving the role of Federal Housing Administration Commissioner since June 2018, Brian Montgomery was today confirmed by the Senate as Department of Housing and Urban Development Deputy Secretary. He was nominated to the position full time by President Donald Trump in October 2019. At the time, he held the role of acting deputy secretary […]
Reverse mortgage servicing has seen a lot of guidance coming down from the federal government recently due to the ongoing effects of the COVID-19 coronavirus pandemic. Because of this, servicing professionals answered a series of questions related to concerns that loan originators might have about servicing during the current national emergency, answering them in a […]
Federal Housing Administration (FHA) Commissioner and Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD) Brian D. Montgomery is in the midst of navigating the American housing sector through the economic shock of the COVID-19 coronavirus pandemic, emphasizing the necessity of the agency’s role in providing its services in times of stress. […]
The Secretary of the U.S. Department of Housing and Urban Development, Dr. Ben Carson, and Federal Housing Administration (FHA) Commissioner Brian D. Montgomery were present on a conference call Thursday with representatives of nearly 100 organizations to provide an update on the Department’s response to the coronavirus outbreak. The call, which was also attended by […]
The Federal Housing Administration (FHA) on Wednesday addressed a series of commonly-asked questions from stakeholders related to recent guidance the agency has issued, aimed at providing relief for reverse mortgage borrowers that have been affected by the COVID-19 coronavirus pandemic. This is according to an agency-led webinar that was held on Wednesday. In addition to […]
The requirement of a financial assessment (FA) of a reverse mortgage borrower’s ability to pay, now in its sixth year, is working by cutting tax and insurance (T&I) defaults by over 75%, and serious defaults by over two-thirds. This is according to data analysis conducted and released this week by New View Advisors. “These results […]
FThe Federal Housing Administration (FHA) will allow alternative documentation options and delayed documentation delivery deadlines for Home Equity Conversion Mortgage (HECM) lenders that have been affected by the COVID-19 coronavirus pandemic, effective immediately for all assignment claims submitted on or before October 30, 2020. This is according to Mortgagee Letter (ML) 2020-12, released by FHA […]
The Federal Housing Administration (FHA) will permit the electronic submission of traditional single-family mortgage and Home Equity Conversion Mortgage (HECM) case binders through its FHA Catalyst module for mortgage endorsement, in accordance with President Trump’s March 13 declaration of a national emergency related to the COVID-19 coronavirus pandemic. This is according to Mortgagee Letter (ML) […]
