Former Assistant HUD Secretary Montgomery Reflects on Time in Office

Former Assistant Secretary of the U.S. Department of Housing and Urban Development (HUD) Brian D. Montgomery reflected on his time serving in the administration of President Donald Trump, praised the career and political officials he worked with at the Department and called for a return of civility to American politics in a new piece published […]

HUD Acting Leadership Geared Toward Crisis Response, as CFPB Gets New Acting Director

The U.S. Department of Housing and Urban Development (HUD) has installed a new acting leadership team and a new permanent chief of staff, while the Consumer Financial Protection Bureau has also appointed a new acting director while new full-time positions are awaiting the Senate confirmation process according to announcements issued by the White House and […]

Foreclosure Moratorium Extension is Biden Admin’s First HECM-relevant Action

In the publication of the first Mortgagee Letter (ML) with relevance to the Home Equity Conversion Mortgage (HECM) program announced during the new Biden administration, the U.S. Department of Housing and Urban Development (HUD) has extended a previously-instituted moratorium on foreclosures and evictions through March 31. This is according to the publication of ML 2021-03 […]

Why Reverse Mortgage Pros Must Stress Accuracy in Borrower Conversations

Reverse mortgage professionals who find themselves regularly interacting with potential or actual borrowers must take the extra step of ensuring as much accuracy in their presentations as possible. Any proverbial “wiggle room” that exists in something that is related by loan originators or other professionals has the chance to be misconstrued by a borrower, so […]

Look Out for These 4 Reverse Mortgage Industry Trends in 2021

Now that we’ve all opened presents and sang our renditions of “Auld Lang Syne,” it’s time to get back to work. The reverse mortgage industry is on the cusp of another eventful year in 2021 because of a lot of different components including changes to the Home Equity Conversion Mortgage (HECM) lending limit, a new […]

The Top 10 Reverse Mortgage Stories of 2020

It’s likely fair to say that compared with the outlook one year ago, as we were anticipating the arrival of 2020 in the waning days of the prior year, things generally worked out quite a lot differently than people were expecting. 2020 brought with it an enormous set of challenges for people all over the […]

FHA Adds 2 New MLs for Loan-Level Certification, Manufactured Home Standards

On the heels of announcing a slew of Mortgagee Letters (MLs) this week dedicated to continuing relief programs in the midst of the COVID-19 coronavirus, the Federal Housing Administration (FHA) on Tuesday published two additional Mortgagee Letters (MLs) which apply to both the traditional forward mortgage and Home Equity Conversion Mortgage (HECM) programs. Manufactured housing […]

HUD Extends Pandemic Reverse Mortgage Relief to 2021 in Slew of Mortgagee Letters, Waivers

The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced the extension of relief initiatives which apply to the reverse mortgage program in a slew of Mortgagee Letters (MLs) issued on December 17, and which were formally announced on Monday. The agencies also announced new extensions of Home Equity […]

Rep. Fudge Opens Up About HUD Secretary Nomination

In her first wide-ranging interview discussing her nomination by President-elect of the United States Joe Biden to serve as the next Secretary of the U.S. Department of Housing and Urban Development (HUD), Rep. Marcia Fudge (D-Ohio) describes what she sees as the priorities of her role in leading the Department in a discussion with the […]

HUD Financial Report: Reverse Mortgages ‘Undermine’ MMI Fund, Enhanced Lender Oversight Needed

Despite noted improvements in the financial standing of the Home Equity Conversion Mortgage (HECM) book of business in recent years, losses in that portion of the Mutual Mortgage Insurance (MMI) Fund continue to “undermine” the fund’s stability, exposing “weaknesses” in the U.S. Department of Housing and Urban Development (HUD)’s internal control mechanisms. These are just […]