The U.S. Department of Housing and Urban Development (HUD) issued a new Mortgagee Letter (ML) late Thursday updating the origination requirement for FHA mortgages on condominium units, applicable to both the traditional, forward mortgage and reverse mortgage programs simultaneously. The letter provides additional clarification ahead of the rule’s implementation on October 15. “FHA published ML […]
In a rare assembly of reverse mortgage stakeholders, housing experts and members of Congress, a hearing convened Wednesday before the The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance to discuss the merits and areas of improvement of the federal Home Equity Conversion Mortgage (HECM) program. Newly drafted legislation, a […]
The Federal Housing Administration (FHA) announced Monday that it will continue its Home Equity Conversion Mortgage (HECM) collateral risk assessment requirements announced in 2018, and will relax requirements for some non-borrowing spouses to defer repayment of reverse mortgage loans. The agency relayed the changes in two separate mortgagee letters issued Monday, both being effective immediately. […]
On the heels of a housing proposal including major reverse mortgage program overhauls, HUD Secretary Dr. Ben Carson stressed the Home Equity Conversion Mortgage issues in prepared remarks Tuesday. This, as the House of Representatives prepares to convene a hearing later this month specifically centered on the HECM program. Carson’s remarks, prepared for a Senate […]
The Department of Housing and Urban Development (HUD) issued a new Mortgagee Letter (ML) late Wednesday offering procedures that mortgagees must follow for single-unit approval case number assignments. “This Mortgagee Letter provides interim instructions, pending changes being made to FHA systems, for the upcoming process of obtaining an FHA case number for a Unit in […]
The Federal Housing Administration announced Thursday some newly-proposed changes to its annual lender certification in an effort to, “better align with statute and regulation” in a way that does not undermine its ability to hold lenders accountable for compliance with FHA approval and continuing eligibility requirements. The agency made its initial proposal on the matter […]
Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing. The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified […]
The Department of Housing and Urban Development (HUD) announced Thursday new policy action initiatives designed to reduce the risks associated with cash-out refinance lending. It aims to accomplish this by lowering its maximum loan-to-value (LTV) requirements for cash-out refinance transactions from 85 percent to 80 percent, which will be effective for loan case numbers assigned […]
The office of Congresswoman Maxine Waters (D-CA), chairwoman of the House Financial Services Committee, announced last week the development of new legislation specifically designed to mitigate the number of foreclosures associated with forward mortgage loans backed by the Federal Housing Administration (FHA). The proposed bill, called the FHA Foreclosure Prevention Act of 2019 aims to […]
The Department of Housing and Urban Development (HUD) announced last week that Home Equity Conversion Mortgage (HECM) loans with expected rates of less than 3 percent can now be set up in HUD’s systems after fixes were incorporated into the platform. This is according to update notes released on the Home Equity Reverse Mortgage Information […]
