FHA Again Extends Reverse Mortgage Foreclosure Timeline for Puerto Rico

The Federal Housing Administration this week again extended the timeline for reverse mortgage foreclosures in territories affected by Hurricane Maria last year. All Home Equity Conversion Mortgage foreclosure timelines will be extended through August 16 in the Presidentially-Declared Major Disaster Areas (PDMDAs) in Puerto Rico and the U.S. Virgin Islands — which cover the entirety […]

Connecticut Reverse Mortgage Law Again Moves Forward

Connecticut lawmakers this week advanced a bill that would introduce new requirements for reverse mortgage lenders in the state. The state senate on Tuesday unanimously passed S.B. 150, which would prevent lenders from accepting applications for Home Equity Conversion Mortgages unless they clearly explained the pre-loan counseling requirements, provided a list of Department of Housing […]

Senator Vows to Vote Against All Trump HUD Nominees

Sen. Tammy Duckworth last week announced a “blanket hold” on all Department of Housing and Urban Development nominees in objection to Ben Carson’s handling of public housing facilities in her home state of Illinois. Duckworth and her fellow Illinois Sen. Dick Durbin — both Democrats — earlier this month wrote a letter to Carson about […]

Carson: Trump Wants Me at HUD for ‘All Seven Years’

Despite the controversy swirling around Ben Carson’s Department of Housing and Urban Development, the secretary told a conservative-leaning publication that the president wants him at the helm for the long haul. “I certainly hope you’re planning to be with me all seven years,” Carson said President Trump told him at a recent meeting, according to […]

Three Years In, Underwriters Say LESA Has Improved Reverse Mortgages

It’s been nearly three years since the Department of Housing and Urban Development introduced Life Expectancy Set-Asides (LESAs), which require borrowers with less-than-stellar credit histories to set aside a portion of their reverse mortgage proceeds to pay taxes and insurance. It took time for underwriters to get a handle on LESA guidelines as they sought […]

Realtors Fight HOAs’ Reverse Mortgage Hangups with Education

Despite progress in some communities, homeowners in certain 55-and-over developments face barriers to reverse mortgage and other Federal Housing Administration-backed products — and one group is fighting back with an educational campaign and an organization designed to encourage residents to speak up. Arizona homeowners first began running into issues with FHA loans last fall, when […]

Report: HUD Secretary Carson’s Job in Question at White House

When President Trump fired national security advisor H.R. McMaster, the move reportedly disrupted a larger plan to oust Ben Carson and others, according to Politico. The Department of Housing and Urban Development secretary was reportedly set to be fired in “at least another week” along with McMaster and Department of Veterans Affairs secretary David Shulkin. […]

New Software Allows Reverse Mortgage Lenders to Service Loans

A reverse mortgage technology veteran has launched a new product that will enable lenders to service their own loans via a cloud-based servicing platform. ReverseQuest launched this week under the leadership of Kevin Gherardi, president of the product’s parent company Reverse Technology Group (RTG) — which also is the owner and operator of the Department […]

HUD’s Top Tech Employee Resigns Amid Scandal

On the same day Ben Carson testified before Congress about the dire need to upgrade the Department of Housing and Urban Development’s computer systems, its chief information officer resigned amid corruption allegations. Johnson Joy submitted his resignation to Carson on Tuesday, according to a report from The Guardian, and the secretary accepted. Whistleblower Katrina Hubbard, […]

Carson: Reverse Mortgage Changes Have Helped Fight ‘Disaster’ in Program

Recent changes to the reverse mortgage program are helping to ease the strain on the Mutual Mortgage Insurance Fund, Department of Housing and Urban Development Secretary Ben Carson told Congress on Tuesday. “I think it has largely stemmed the tide in terms of the disaster that was occurring there,” Carson said during testimony before the […]