FHA Appoints New Deputy Assistant Secretary of Single Family Housing

The Federal Housing Administration (FHA) this week announced the appointment of Joseph M. (Joe) Gormley as the Deputy Assistant Secretary for the Office of Single Family Housing, effective as of January 21. Gormley’s appointment comes after the departure of his predecessor Gisele Roget late last year, who went on to become Deputy Chief of Staff […]

Former HUD Secretary Drops Out of Presidential Race, Endorses Warren

Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro has ended his bid for the Democratic Party’s nomination for President of the United States in the 2020 general election, and in a matter of days has made an endorsement in the race for one of his former opponents. “I’ve determined that […]

Senate Banking Committee Approves Montgomery Nomination for Deputy HUD Secretary

The Senate Banking Committee on Tuesday officially approved the nomination of Brian D. Montgomery, the current FHA Commissioner and Acting Deputy Secretary of the Department of Housing and Urban Development (HUD) to the full-time Deputy HUD Secretary position, RMD has learned. Montgomery, who was officially nominated for the position in October, has served the role […]

Reverse Mortgage Lending Limit to Rise in 2020

The lending limit for federally-backed reverse mortgages is increasing for the fourth consecutive year in a row and is set to rise to $765,600 in 2020. The Department of Housing and Urban Development (HUD) announced on Friday via Mortgagee Letter 2019-20 a maximum claim amount of $765,600 for calendar year 2020, up from $726,525 in […]

An Update on Reverse Mortgage Second Appraisals

Second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are largely unchanged from figures shared earlier in the year, though have appeared to tick slightly downward. This is according to data from a valuation professional and the National Reverse Mortgage Lenders Association (NRMLA). “The latest data indicates […]

FHFA Increases Conforming Loan Limits for Fannie, Freddie in 2020

The Federal Housing Finance Agency (FHFA) announced on Tuesday that it would be increasing the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for the fourth consecutive year. In most of the United States, the maximum conforming loan limit for one-unit properties in 2020 will be $510,400, an increase […]

HUD: Reverse Mortgage Program Ups and Downs in 2019

The Home Equity Conversion Mortgage (HECM) program has seen incremental change in use cases over the 2019 fiscal year, as well as more visible shifts including year-over-year loan volume, an increase in the average age of a client at the time of endorsement, a reversing trend in refinance activity, and an increase in the dollar […]

FHA Commissioner: HECM Program Improving, Still Needs ‘Structural’ Change

The Federal Housing Administration (FHA) is encouraged by the increasing health of the Home Equity Conversion Mortgage (HECM) program inside the Mutual Mortgage Insurance Fund (MMIF) as revealed by the department’s annual report to Congress last week, but must continue to address remaining deficiencies in it after a series of major changes in 2017 and […]

[Updated] MMI Report Shows Improvement in FHA Reverse Mortgage Portfolio

The reverse mortgage portion of the Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund (MMIF) continues to stand at a negative capital ratio on the overall government-backed portfolio, according to an annual actuarial review of the fund’s finances released Thursday morning. However, it has made notable progress over the past year, increasing $7.7 billion in […]