FHA Allows Relief for Reverse Mortgage Assignments During Coronavirus

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 […]

FHA: Digital Delivery of Reverse Mortgage Case Binders Permitted During Emergency

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) […]

HUD: Additional Mortgage Relief During Coronavirus Being Explored

The U.S. Department of Housing and Urban Development (HUD) and the Government National Mortgage Association (GNMA, or “Ginnie Mae”) are both exploring additional relief options for the mortgage industry, including the Home Equity Conversion Mortgage (HECM) program, according to a senior HUD official in an interview with RMD. GNMA is also taking a look at […]

[Updated] FHA Allows 6-Month Relief for Reverse Mortgage Borrowers in Pandemic

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are instructing servicers of Home Equity Conversion Mortgages (HECMs) to delay due and payable requests on reverse mortgage loans for a period of six months for borrowers that request such relief, since an American at risk of losing his or […]

FHA Relaxes Appraisal, Documentation Requirements During Coronavirus Crisis

The Federal Housing Administration (FHA) on Friday evening released a new Mortgagee Letter (ML) announcing guidance for property appraisals in light of concerns related to the outbreak of the COVID-19 coronavirus. The ML also announces a modification to the re-verification of employment requirements due to the COVID-19 national emergency as declared by the president. Appraisals […]

Consumer Groups Urge HUD to Help Reverse Mortgage Borrowers During Pandemic

More than 40 consumer advocacy organizations are urging the Department of Housing and Urban Development (HUD) to do more for reverse mortgage borrowers impacted by the national coronavirus crisis, following measures spelled out by the department last week. Borrowers need more protections than currently available, say The National Consumer Law Center (NCLC) and fellow consumer […]

Trump Orders HUD, FHFA to Suspend All Foreclosures, Evictions

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will be suspending all foreclosures and evictions for the next 60 days in response to the economic shock renters and homeowners are experiencing due to the outbreak of the COVID-19 coronavirus. This is according to President Donald Trump, who […]

Coronavirus Leads HUD, CFPB to Issue Housing, Finance Updates

The U.S. Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) issued separate updates on Monday aimed at clarifying or issuing guidance to their specific sectors in the wake of increasing concern related to the outbreak of the COVID-19 coronavirus. HUD issued a new informational notice aimed to remind mortgagees […]

HUD Secretary Carson Added to White House Coronavirus Task Force

The task force created by the White House and charged with spearheading the federal response to the outbreak of the COVID-19 coronavirus has added the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson. This is according to a new informational notice issued by the Federal Housing Administration (FHA). “Earlier […]

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. […]