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 […]

FHA Updates Reverse Mortgage HERMIT Software for COVID-19 Extensions

The Federal Housing Administration (FHA) announced on Thursday that the Home Equity Reverse Mortgage Information Technology (HERMIT) system has received a software update, which will allow reverse mortgage servicers to submit extensions under the provisions of the presidentially-declared national emergency stemming from the COVID-19 coronavirus pandemic. Issued in conjunction with the most recent extension to […]

FHA Expands Catalyst Functionality for Post-Closing Review, Including Reverse Mortgages

The Federal Housing Administration (FHA) case binder module “Catalyst” now has additional functionality designed to streamline the review of loans post-closing, along with adding new requirements for the electronic submission of case binders selected for post-endorsement review in the Loan Review System (LRS). This is according to the publication of Mortgagee Letter (ML) 2020-29 published […]

FHA Extends Relaxed Appraisal Requirements Through End of October

The Federal Housing Administration (FHA) announced late Friday afternoon that it is extending its relaxed appraisal requirements for most FHA-insured loans originated during the COVID-19 coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-28 is effective for all appraisals submitted through October 31. Previously, the allowance for desktop and curbside appraisals was in place […]

HUD Extends Moratorium on Foreclosures, Evictions Through End of 2020

The U.S. Department of Housing and Urban Development (HUD) announced today that it is extending its previously-enacted moratorium on foreclosures and evictions through the end of 2020, effective immediately. This is according to the publication of Mortgagee Letter (ML) 2020-27 released on Thursday morning. The moratorium continues to apply to homeowners with FHA-insured Title II […]

Dana Wade Confirmed as FHA Commissioner

The United States Senate voted on Tuesday to confirm Dana Wade as Assistant Secretary for Housing, Federal Housing Commissioner. She succeeds Acting FHA Commissioner Len Wolfson, who has held the position since the ascension of former Commissioner Brian D. Montgomery to the position of Assistant Secretary for the Department of Housing and Urban Development (HUD). […]

Former HUD Secretary Donovan Running for NYC Mayor, Outraises Rivals

Former Secretary of the U.S. Department of Housing and Urban Development (HUD) Shaun Donovan is running to be the next mayor of New York City in the November 2021 election, and has a sizable head start in fundraising on his competition by outraising the entire field of 11 other candidates combined. Donovan, who served in […]

HUD: Case Binders ‘Flood’ Offices, Reverse Mortgage Volume Outpaces 2019

The U.S. Department of Housing and Urban Development (HUD)’s Homeownership Centers (HOCs) have seen notable increases in reverse mortgage volume since the onset of the pandemic, though physical case binders for Home Equity Conversion Mortgage (HECM) endorsements continue to pile up in empty offices despite the ability for binders to be submitted digitally. This is […]

FHA Extends Relaxed Appraisal Requirements Through End of August

The Federal Housing Administration announced late Monday that it is extending its relaxed appraisal requirements for most FHA-insured loans originated during the COVID-19 coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-20 runs through August 31. Previously, the allowance for desktop and curbside appraisals was in place through May 17, per ML 2020-05 published […]

FHA Extends Moratorium on Foreclosures, Evictions Through August

A moratorium on all foreclosures and evictions in connection with the national emergency stemming from the COVID-19 coronavirus pandemic has been extended through August 31, according to a Mortgagee Letter (ML) released Wednesday morning by the U.S. Department of Housing and Urban Development. The moratorium — initially declared by President Donald Trump in a March […]