HUD Sec. Carson: HECM Changes Positive With More Reforms Needed

Secretary of the Department of Housing and Urban Development (HUD) Dr. Ben Carson reiterated Tuesday his and the department’s commitment to addressing the financial viability of the Home Equity Conversion Mortgage (HECM) program, stating recent program changes have been “directionally positive.” He shared this commitment in a statement submitted to the House Financial Services Committee […]

Former HUD Secretary Castro Calls on Carson to Resign

Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro called on his Trump Administration successor Dr. Ben Carson to resign late last week. Castro alleges that comments reportedly made by Carson suggesting a lack of concern for transgendered people disqualifies him from “serving everyone” as HUD Secretary. Castro weighed in on […]

New Reverse Mortgage Protections ‘Win-Win’ for Servicers, Non-Borrowing Spouses

After the release of two Mortgagee Letters by the Federal Housing Administration (FHA) in late September outlining new provisions for the Home Equity Conversion Mortgage (HECM) program, reverse mortgage servicers are responding positively to the expansion of protections for non-borrowing spouses (NBS). Mortgagee Letter 2019-15 updates the Mortgagee Optional Election (MOE) Assignment for HECMs with […]

Trump Nominates Montgomery for Full-Time Deputy HUD Secretary

President Donald Trump has nominated current Federal Housing Administration (FHA) Commissioner and Acting Deputy Secretary of the Department of Housing and Urban Development (HUD) Brian D. Montgomery to assume the full-time position of Deputy HUD Secretary, a position he’s been serving in an acting capacity since January of 2019. He is the first individual to […]

FHA Updates Non-Borrowing Spouse Resources for Consumers

The Federal Housing Administration (FHA) Office of Single Family Housing has released new consumer resources this month dedicated to offering information for eligible non-borrowing spouses (NBS) in reverse mortgage transactions, RMD has learned. These new resources, made available shortly after the release of new rules expanding NBS protections, offer key information for spouses who have […]

HUD Releases New Condo Rules for Reverse Mortgages

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 […]

Congressmen, Housing Experts Weigh HECM Program Pros and Cons

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 […]

FHA Extends HECM Second Appraisal Rule, Expands Non-Borrowing Spouse Protections

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. […]

HUD Secretary Gives HECM Update to Senate, House HECM Hearing Nears

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 […]

HUD Issues Mortgagee Letter for Guidance on Condo Approvals

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 […]