A senior FHA official who oversees the HECM program will be delivering a keynote address to reverse mortgage professionals at an upcoming trade association virtual conference.
HUD has requested stakeholder comments regarding the implementation of rules phasing out the LIBOR index for adjustable-rate forward and reverse mortgages.
HUD has announced a new single-family secretary-held mortgage servicing contractor, but details that the Secretary-held reverse mortgage portfolio will remain where it is for the time being.
FHA has posted a series of proposed changes to Home Equity Conversion Mortgage (HECM) program guidance to the Single Family Drafting Table, available for review through mid-November.
FHA has announced a series of new forbearance options for borrowers on the forward mortgage side, and additional relief for reverse mortgage borrowers which also shows signs of a relief timetable on the part of the agency.
More perspectives about appraisal challenges are shared with RMD by reverse mortgage professionals, including regional appraisal issues regarding second appraisals.
HUD announced that it will be holding a competitive-bid HUD-held vacant note sale on November 10, which is made up entirely of properties which were secured by reverse mortgages in which the borrower has passed away with no heir to claim the note.
FHA has announced that reverse mortgage appraisals can now be submitted through its “Catalyst” software, as well as mandatory transition dates for Catalyst submissions on the forward and reverse sides.
In light of recent difficulties combining the economic impact of the pandemic with extreme weather events, FHA has highlighted relief options for reverse mortgage borrowers who have been affected by one or both of these factors.
FHA has issued two new waivers this week for the reverse mortgage program, citing the ongoing need to assist borrowers disrupted by the COVID-19 pandemic.