A housing policy expert describes some of the essential ways the reverse mortgage industry may be able to act in order to get good HECM program policy from the government, including an aim to “reframe” the way they perceive the reverse mortgage as a tool for seniors.
The Federal Housing Administration (FHA) has announced some updates to its FHA Catalyst case binder submission portal, aimed at increasing the speed and accuracy of submissions.
The U.S. Office of Special Counsel has determined that HUD Secretary Marcia Fudge violated an ethics rule known as the Hatch Act when appearing at a White House press briefing in March.
After new reverse mortgage non-borrowing spouse protections were handed down by the Federal Housing Administration (FHA), members of the reverse mortgage industry including servicers welcome the attention to what is seen as a critically important series of issues, based on outreach conducted by RMD.
FHA has announced a series of new protections for eligible non-borrowing spouses of Home Equity Conversion Mortgage (HECM) reverse mortgage borrowers, amending the criteria for eligibility and removing a requirement to obtain marketable title.
Former Deputy HUD Secretary Brian D. Montgomery has helped to found a new housing policy consultancy firm with other former government housing staffers, with expertise in matters including financial services, forward and reverse mortgage lending/servicing, community development, and public housing sectors
Principal Deputy Assistant Secretary (PDAS) for the Office of Housing and the FHA Lopa P. Kolluri detailed that FHA is currently examining ways in which previous reverse mortgage policy guidance could be consolidated into the Single Family Handbook.
Principal Deputy Assistant Secretary (PDAS) for the Office of Housing and the FHA Lopa P. Kolluri addressed the reverse mortgage industry at the NRMLA Virtual Policy Conference this week, discussing how the HECM program aligns with the administration’s priorities while also discussing what still needs to be addressed in the program.
HUD has revised various servicing policies in the FHA Single Family Housing Policy Handbook 4000.1, which includes application to reverse mortgages under the Home Equity Conversion Mortgage (HECM) program.
NRMLA has submitted a series of comment letters to the U.S. Department of Housing and Urban Development (HUD), requesting clarification for recent guidance related to the selection of a new HECM rate index and asking for obsolete servicing forms to be retired.