Reverse Mortgage Experts Detail Impacts of LIBOR Sunset, CMT Transition

Described as an “autumn surprise” in the opening remarks of the National Reverse Mortgage Lenders Association (NRMLA) Virtual Annual Meeting & Expo by association president Steve Irwin, the transition away from the London Interbank Offered Rate (LIBOR) index and toward the Constant Maturity Treasury (CMT) index is a pronounced disruption to the operations of the […]

HUD Deputy Secretary: Reverse Mortgage Program Must Be ‘Built to Be Viable’

In a surprise late addition to the speaker lineup at the National Reverse Mortgage Lenders Association (NRMLA) Virtual Annual Meeting & Expo, association President Steve Irwin introduced Brian D. Montgomery, the deputy secretary of the U.S. Department of Housing and Urban Development (HUD) to address the attendees on the status of the Federal Housing Administration […]

Reverse Mortgage Appraisers: Pandemic Work Can Continue Without Desktop Option

Two weeks ago, the Federal Housing Administration (FHA) announced that in light of the ongoing COVID-19 coronavirus pandemic, appraisal relief will be extended through the end of 2020 which will allow the continued use of an exterior-only option in order to mitigate the spread of the virus. However, a previously-available desktop-only option was allowed to […]

FHA Issues Temporary Reverse Mortgage Program Waivers Due to Pandemic

The Federal Housing Administration (FHA) on Friday announced the issuance of two partial waivers which apply to the Home Equity Conversion Mortgage (HECM) program due to the ongoing effects of the COVID-19 coronavirus pandemic. These waivers allow mortgagees to be more flexible in submitting HECM assignment claims without borrower signatures, as well as reviewing borrowers […]

FHA Extends Exterior-Only Appraisals to End of 2020, Ends Desktop-Only Option

In what has become a recurring theme for the Federal Housing Administration (FHA) relief measures stemming from the COVID-19 coronavirus pandemic, the agency on Wednesday announced that previously-extended relief for both property appraisals and re-verification of employment requirements is now extended through December 31, 2020. The provision related to desktop-only appraisals will still expire in […]

FHA Extends Relief for Reverse Mortgage Borrowers in Pandemic to End of 2020

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

FHA Issues Due and Payable Waivers for Reverse Mortgage Non-Borrowing Spouses

The Federal Housing Administration (FHA) on Thursday announced the issuance of temporary waivers for non-borrowing spouses (NBS) of Home Equity Conversion Mortgage (HECM) borrowers, superseding the instructions of two previously released Mortgagee Letters (MLs) due to ongoing concerns related to the COVID-19 coronavirus pandemic. “Eligible HECM NBS currently have 90 days after the death of […]

[Updated] FHA Commissioner: Reverse Mortgage Program Should Be Removed from MMIF

The Home Equity Conversion Mortgage (HECM) program continues to lose money for the Federal Housing Administration (FHA), and likely needs to be removed from the Mutual Mortgage Insurance Fund (MMIF) in order to stop forward mortgage borrowers from subsidizing their reverse mortgage counterparts. This is according to newly-installed FHA Commissioner Dana Wade, speaking with a […]

HUD Secretary Carson Indicates He May Remain Beyond Trump’s Term

Secretary of the U.S. Department of Housing and Urban Development (HUD) Dr. Ben Carson could remain working for the Trump Administration should the president be re-elected in November, according to notes which were seen by reporters during a speech he delivered in Atlanta this week. The presence of the notes was originally reported by Bloomberg. […]

FHA Updates Reverse Mortgage HERMIT Software to Improve HECM Termination Reporting

The Federal Housing Administration (FHA) announced on Wednesday that the Home Equity Reverse Mortgage Information Technology (HERMIT) system has received a second software update within the span of a single week, this time to the system’s file format and layout. “Today, the Federal Housing Administration (FHA) announced updates to the Home Equity Reverse Mortgage Information […]