FHA Updates Single Family Housing Policy Handbook

The Federal Housing Administration (FHA) published an update Wednesday to its Single Family Housing Policy (SF) Handbook, the first published update to the document since December of 2016. “With today’s update, FHA is recommitting to the industry that it will continue to maintain and enhance the SF Handbook so that it becomes a single, comprehensive […]

President Trump Calls for U.S. Housing Reform Plan, Review of HECM Program

President Donald J. Trump signed an executive memorandum Wednesday initiating the process of reforming the United States housing system, which includes an objective to examine the “financial viability” of the Home Equity Conversion Mortgage (HECM) program. The president has expressed his intent to end the conservatorship of Freddie Mac and Fannie Mae that has been […]

New HECM Head Hopes to ‘Move Needle’ in New Role

The new Senior Advisor to the Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Single Family Programs, Dr. Joshua Miller, introduced himself Monday to the reverse mortgage industry by giving a Home Equity Conversion Mortgage (HECM) program update to assembled reverse mortgage professionals. Miller, named to his new post in mid-February, offered […]

HUD Budget Shows Positivity for Reverse Mortgage Program

The Department of Housing and Urban Development’s (HUD) annual budget proposal for fiscal year 2020, released this week by the Trump Administration, shows positivity in the agency’s reverse mortgage book of business. The FY 2020 Budget appendix scored the Home Equity Conversion Mortgage (HECM) program with a negative credit subsidy equal to -.08 percent, which […]

FHA Updates Guidance to Streamline Two ‘Redundant’ Mortgage Rules

The Federal Housing Administration (FHA) released two Mortgagee Letters on Tuesday, with both stating an intent to “streamline” its guidance on two different lending provisions. This, the agency says, is in an effort to reduce potential obstacles in the mortgage process for borrowers. In Mortgagee Letter (ML) 2019-04 titled “Removal of the Federal Housing Administration […]

Office of Inspector General to Expand Reverse Mortgage Oversight

The Trump Administration plans for its Office of Inspector General to increase oversight of the Home Equity Conversion Mortgage program in 2020, according to a proposed budget released Monday. The Administration’s HUD budget proposal for the 2020 fiscal year includes a statement on this expanded oversight that the OIG will have, in addition to addressing […]

HUD Secretary Ben Carson Plans Exit at End of Trump’s Term

Department of Housing and Urban Development Secretary Dr. Ben Carson has stated his intention to exit his post at the conclusion of President Donald J. Trump’s current presidential term. Carson made the announcement Monday night during an appearance on Newsmax TV, a conservative media outlet, according to the Washington Post. In the interview, Carson talked […]

Reverse Originators See Mixed Bag in New Borrower Verification Policy

Last week, the Federal Housing Administration (FHA) issued a new mortgagee letter implementing policy guidance on practices concerning the use of Third Party Verification (TPV) services as an alternative for authenticating employment, income or assets of potential borrowers. The letter applies to all FHA Title II traditional and reverse mortgages. FHA details that the new […]

HECM Financial Assessment Streamlined With FHA Policy Shift

The Federal Housing Administration (FHA) has issued a new mortgagee letter offering policy guidance on practices concerning the use of Third Party Verification (TPV) services as an alternative for authenticating employment, income or assets of potential borrowers. In Mortgagee Letter 19-01, released by the agency on Friday, FHA revises documentation requirements for the financial assessment […]

HUD Touts 2018 Accomplishments in Housing, HECM Program

The Department of Housing and Urban Development (HUD) released a list of its accomplishments in 2018, highlighting a series of decisions and results that include those relating to the Mutual Mortgage Insurance (MMI) fund and the Home Equity Conversion Mortgage (HECM) program. The document released by HUD credits the leadership of department secretary Ben Carson, […]