[Updated] FHA Allows 6-Month Relief for Reverse Mortgage Borrowers in Pandemic

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are instructing servicers of Home Equity Conversion Mortgages (HECMs) to delay due and payable requests on reverse mortgage loans for a period of six months for borrowers that request such relief, since an American at risk of losing his or […]

FHA Relaxes Appraisal, Documentation Requirements During Coronavirus Crisis

The Federal Housing Administration (FHA) on Friday evening released a new Mortgagee Letter (ML) announcing guidance for property appraisals in light of concerns related to the outbreak of the COVID-19 coronavirus. The ML also announces a modification to the re-verification of employment requirements due to the COVID-19 national emergency as declared by the president. Appraisals […]

Trump Orders HUD, FHFA to Suspend All Foreclosures, Evictions

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) will be suspending all foreclosures and evictions for the next 60 days in response to the economic shock renters and homeowners are experiencing due to the outbreak of the COVID-19 coronavirus. This is according to President Donald Trump, who […]

Coronavirus Leads HUD, CFPB to Issue Housing, Finance Updates

The U.S. Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) issued separate updates on Monday aimed at clarifying or issuing guidance to their specific sectors in the wake of increasing concern related to the outbreak of the COVID-19 coronavirus. HUD issued a new informational notice aimed to remind mortgagees […]

HUD Secretary Carson Added to White House Coronavirus Task Force

The task force created by the White House and charged with spearheading the federal response to the outbreak of the COVID-19 coronavirus has added the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson. This is according to a new informational notice issued by the Federal Housing Administration (FHA). “Earlier […]

President Trump to Nominate Dana Wade as Federal Housing Commissioner

President Trump today announced that he intends to nominate Dana Wade as Assistant Secretary for Housing, Federal Housing Commissioner. Brian Montgomery, who currently holds the position, is awaiting Senate confirmation for a role as deputy secretary of the Department of Housing and Urban Development, after his nomination was recently confirmed by the Senate Banking Committee. […]

Trump Budget Sheds Light on Reverse Mortgage ‘Wish List’

While FHA officials have indicated that further changes to the Home Equity Conversion Mortgage (HECM) program are still on the table in order to further stabilize the reverse mortgage book within the Mutual Mortgage Insurance Fund (MMIF), no substantive changes were instituted at the end of 2019. The legislative and provisional proposals outlined in the […]

Reverse Mortgage Legislation Takes Back Seat to Washington Tumult

A series of proposed legislative and administrative changes to the Federal Housing Administration’s (FHA’s) Home Equity Conversion Mortgage (HECM) program have not moved forward in Washington, D.C., as politicians in the nation’s capital have focused on other, more tumultuous and immediate concerns. In addition to a series of legislative and administrative proposals submitted by the […]

FHA Publishes Condo Approval Notice in Federal Register

The Federal Housing Administration (FHA) announced that on January 31, the agency published “Project Approval for Single Family Condominiums,” a notice in the Federal Register seeking comment on data collection related to essential forms used to determine the eligibility of loans for borrowers who live in condominiums. Under the provisions of the Paperwork Reduction Act […]