The White House has unveiled its “skinny budget” document ahead of the full proposal coming later this spring. While reverse mortgages are absent, there are indications of the administration’s priorities with seniors and HUD.
Both reverse mortgage endorsement volume and HMBS issuance recorded increases in March, on the heels of positive HECM program news in the MMI Fund. RMD speaks with an industry analyst about these developments.
In its Q1 2021 report on the MMI Fund, HUD details that reverse mortgage volume has fallen though the program’s budget execution subsidy has improved.
Reverse mortgage professionals are very encouraged by recent revisions made to forms required for condo approvals, but that’s not to say that additional work to streamline the process further is out of the question.
HUD Secretary Marcia Fudge fielded questions from reporters in Thursday’s White House press briefing, touching on COVID-19 relief for homeowners and her department’s morale.
FHA has published a new Mortgagee Letter that revises important forms for the approvals of forward and reverse mortgages on condominiums. Read details of the changes here.
As HUD Secretary Fudge ascends to leadership, RMD looks at this time of challenge for American housing and moment of change for reverse mortgages.
FHA has handed down long-awaited guidance to the reverse mortgage industry, moving away from the LIBOR index and adopting the industry-preferred SOFR index.
The CFPB has published a newly-updated resource guide for reverse mortgage borrowers, designed to inform them of loan obligations and options if they need help.
LIBOR’s primary regulator has laid out the index’s definitive endgame, a move lauded by the reverse mortgage trade association but which still awaits action from FHA for the industry.