President Trump to Nominate Dana Wade as Federal Housing Commissioner

President Trump today announced that he intends to nominate Dana Wade as Assistant Secretary for Housing, Federal Housing Commissioner. Brian Montgomery, who currently holds the position, is awaiting Senate confirmation for a role as deputy secretary of the Department of Housing and Urban Development, after his nomination was recently confirmed by the Senate Banking Committee. […]

Trump Budget Sheds Light on Reverse Mortgage ‘Wish List’

While FHA officials have indicated that further changes to the Home Equity Conversion Mortgage (HECM) program are still on the table in order to further stabilize the reverse mortgage book within the Mutual Mortgage Insurance Fund (MMIF), no substantive changes were instituted at the end of 2019. The legislative and provisional proposals outlined in the […]

FHA Publishes Condo Approval Notice in Federal Register

The Federal Housing Administration (FHA) announced that on January 31, the agency published “Project Approval for Single Family Condominiums,” a notice in the Federal Register seeking comment on data collection related to essential forms used to determine the eligibility of loans for borrowers who live in condominiums. Under the provisions of the Paperwork Reduction Act […]

FHA Appoints New Deputy Assistant Secretary of Single Family Housing

The Federal Housing Administration (FHA) this week announced the appointment of Joseph M. (Joe) Gormley as the Deputy Assistant Secretary for the Office of Single Family Housing, effective as of January 21. Gormley’s appointment comes after the departure of his predecessor Gisele Roget late last year, who went on to become Deputy Chief of Staff […]

Former HUD Secretary Drops Out of Presidential Race, Endorses Warren

Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro has ended his bid for the Democratic Party’s nomination for President of the United States in the 2020 general election, and in a matter of days has made an endorsement in the race for one of his former opponents. “I’ve determined that […]

Senate Banking Committee Approves Montgomery Nomination for Deputy HUD Secretary

The Senate Banking Committee on Tuesday officially approved the nomination of Brian D. Montgomery, the current FHA Commissioner and Acting Deputy Secretary of the Department of Housing and Urban Development (HUD) to the full-time Deputy HUD Secretary position, RMD has learned. Montgomery, who was officially nominated for the position in October, has served the role […]

Reverse Mortgage Lending Limit to Rise in 2020

The lending limit for federally-backed reverse mortgages is increasing for the fourth consecutive year in a row and is set to rise to $765,600 in 2020. The Department of Housing and Urban Development (HUD) announced on Friday via Mortgagee Letter 2019-20 a maximum claim amount of $765,600 for calendar year 2020, up from $726,525 in […]

An Update on Reverse Mortgage Second Appraisals

Second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are largely unchanged from figures shared earlier in the year, though have appeared to tick slightly downward. This is according to data from a valuation professional and the National Reverse Mortgage Lenders Association (NRMLA). “The latest data indicates […]

FHFA Increases Conforming Loan Limits for Fannie, Freddie in 2020

The Federal Housing Finance Agency (FHFA) announced on Tuesday that it would be increasing the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for the fourth consecutive year. In most of the United States, the maximum conforming loan limit for one-unit properties in 2020 will be $510,400, an increase […]