Montgomery: FHA Remains Vital to Homeowners in Times of Crisis

Federal Housing Administration (FHA) Commissioner and Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD) Brian D. Montgomery is in the midst of navigating the American housing sector through the economic shock of the COVID-19 coronavirus pandemic, emphasizing the necessity of the agency’s role in providing its services in times of stress. […]

HUD, FHA Officials Join Pence on Coronavirus Update Call With Stakeholders

The Secretary of the U.S. Department of Housing and Urban Development, Dr. Ben Carson, and Federal Housing Administration (FHA) Commissioner Brian D. Montgomery were present on a conference call Thursday with representatives of nearly 100 organizations to provide an update on the Department’s response to the coronavirus outbreak. The call, which was also attended by […]

FHA Addresses Outstanding Questions for Coronavirus Reverse Mortgage Relief

The Federal Housing Administration (FHA) on Wednesday addressed a series of commonly-asked questions from stakeholders related to recent guidance the agency has issued, aimed at providing relief for reverse mortgage borrowers that have been affected by the COVID-19 coronavirus pandemic. This is according to an agency-led webinar that was held on Wednesday. In addition to […]

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 […]