FHA Extends Reverse Mortgage Borrower Relief to End of March

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced today extended and updated guidelines surrounding forbearance requests for mortgage borrowers who have been impacted by the economic effects of the COVID-19 coronavirus pandemic, including the delay of due and payable requests for Home Equity Conversion Mortgages (HECMs). This […]

Former Deputy HUD Secretary Montgomery Reflects on Time in Office

Former Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD) Brian D. Montgomery reflected on his time serving in the administration of President Donald Trump, praised the career and political officials he worked with at the Department and called for a return of civility to American politics in a new piece published […]

HUD Acting Leadership Geared Toward Crisis Response, as CFPB Gets New Acting Director

The U.S. Department of Housing and Urban Development (HUD) has installed a new acting leadership team and a new permanent chief of staff, while the Consumer Financial Protection Bureau has also appointed a new acting director while new full-time positions are awaiting the Senate confirmation process according to announcements issued by the White House and […]

Foreclosure Moratorium Extension is Biden Admin’s First HECM-relevant Action

In the publication of the first Mortgagee Letter (ML) with relevance to the Home Equity Conversion Mortgage (HECM) program announced during the new Biden administration, the U.S. Department of Housing and Urban Development (HUD) has extended a previously-instituted moratorium on foreclosures and evictions through March 31. This is according to the publication of ML 2021-03 […]

FHA Adds 2 New MLs for Loan-Level Certification, Manufactured Home Standards

On the heels of announcing a slew of Mortgagee Letters (MLs) this week dedicated to continuing relief programs in the midst of the COVID-19 coronavirus, the Federal Housing Administration (FHA) on Tuesday published two additional Mortgagee Letters (MLs) which apply to both the traditional forward mortgage and Home Equity Conversion Mortgage (HECM) programs. Manufactured housing […]

HUD Extends Pandemic Reverse Mortgage Relief to 2021 in Slew of Mortgagee Letters, Waivers

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced the extension of relief initiatives which apply to the reverse mortgage program in a slew of Mortgagee Letters (MLs) issued on December 17, and which were formally announced on Monday. The agencies also announced new extensions of Home Equity […]

Rep. Fudge Opens Up About HUD Secretary Nomination

In her first wide-ranging interview discussing her nomination by President-elect of the United States Joe Biden to serve as the next Secretary of the U.S. Department of Housing and Urban Development (HUD), Rep. Marcia Fudge (D-Ohio) describes what she sees as the priorities of her role in leading the Department in a discussion with the […]

HUD Financial Report: Reverse Mortgages ‘Undermine’ MMI Fund, Enhanced Lender Oversight Needed

Despite noted improvements in the financial standing of the Home Equity Conversion Mortgage (HECM) book of business in recent years, losses in that portion of the Mutual Mortgage Insurance (MMI) Fund continue to “undermine” the fund’s stability, exposing “weaknesses” in the U.S. Department of Housing and Urban Development (HUD)’s internal control mechanisms. These are just […]

FHA: Wire Transfers to Pay Off Reverse Mortgages, Partial Claims Not Permitted

The Federal Housing Administration (FHA) on Tuesday announced that it has published new Frequently Asked Questions (FAQ) information specifying how Secretary-held Home Equity Conversion Mortgage (HECM) loans can be paid off, reminding the industry and the public that a wire transfer for such a transaction is not permitted. “All payoffs for Secretary-Held HECMs and Partial […]

Biden Expected to Pick Fudge of Ohio as HUD Secretary

President-elect of the United States Joe Biden is expected to name U.S. Rep. Marcia L. Fudge (D-Ohio) as the next Secretary of the U.S. Department of Housing and Urban Development (HUD), according to reporting at the Washington Post and New York Times. As the nominee-designate to lead HUD, Fudge is coming off of a 12-year […]