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 […]

Op-ed: For Reverse Mortgages, Financial Disaster Equals New Opportunity

The COVID-19 coronavirus pandemic has wreaked havoc on many industries indiscriminately, from energy to food service and seemingly everything in-between. While the expectation would be that the reverse mortgage industry would pivot and maneuver through this time based on its response to past crises, what’s actually happening goes beyond that: this pandemic seems to actually […]

How the New Condo Rule is Playing Out for Reverse Mortgage Lenders

In late 2019, the Department of Housing and Urban Development issued new condominium guidelines that aimed to make it easier for single units to be approved for Federal Housing Administration (FHA) financing. This included transactions under the Home Equity Conversion Mortgage (HECM) program. Historically, an entire condo complex would need to be approved for FHA […]

FHA Extends Relaxed Appraisal Requirements, Foreclosure Moratorium Through June

The Federal Housing Administration today announced it is extending its relaxed appraisal requirements for most FHA-ensured loans originated during the coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-14 runs through June 30. Previously, the allowance for desktop and curbside appraisals was in place through May 17, per ML 2020-05 published in late March. […]

Brian Montgomery Confirmed as HUD Deputy Secretary

After serving the role of Federal Housing Administration Commissioner since June 2018, Brian Montgomery was today confirmed by the Senate as Department of Housing and Urban Development Deputy Secretary. He was nominated to the position full time by President Donald Trump in October 2019. At the time, he held the role of acting deputy secretary […]

[UPDATE] 27 State AGs Seek New Reverse Mortgage Relief During Pandemic

A coalition of attorneys general from 27 different states, led by New York A.G. Letitia James, sent a letter Friday to the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson, urging the Department to take further action to protect seniors with Home Equity Conversion Mortgages (HECMs) who have been […]

Second Appraisals During Coronavirus: Still Possible, but Streamlined

Even in the midst of the COVID-19 coronavirus pandemic, second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are still a reality that the reverse mortgage industry has to contend with. Fortunately however, the instances of second appraisals being required do not appear to be increasing at […]