After new reverse mortgage non-borrowing spouse protections were handed down by the Federal Housing Administration (FHA), members of the reverse mortgage industry including servicers welcome the attention to what is seen as a critically important series of issues, based on outreach conducted by RMD.
Reverse mortgage counselors are outpacing others overseen by HUD in a key compliance metric, while HECM counseling overall has dropped slightly according to data shared at the NRMLA Virtual Policy Conference by David Berenbaum, deputy assistant secretary in HUD’s Office of Housing Counseling.
Principal Deputy Assistant Secretary (PDAS) for the Office of Housing and the FHA Lopa P. Kolluri detailed that FHA is currently examining ways in which previous reverse mortgage policy guidance could be consolidated into the Single Family Handbook.
The reverse mortgage industry is making another effort to assist in developing legislation which would allow reverse mortgage loans on co-ops, after a veto from Governor Andrew Cuomo derailed a previous effort at the end of 2019.
Principal Deputy Assistant Secretary (PDAS) for the Office of Housing and the FHA Lopa P. Kolluri addressed the reverse mortgage industry at the NRMLA Virtual Policy Conference this week, discussing how the HECM program aligns with the administration’s priorities while also discussing what still needs to be addressed in the program.
The National Reverse Mortgage Lenders Association (NRMLA) has appointed ReverseVision President and CEO Joe Langner to its Board of Directors.
NRMLA has submitted a series of comment letters to the U.S. Department of Housing and Urban Development (HUD), requesting clarification for recent guidance related to the selection of a new HECM rate index and asking for obsolete servicing forms to be retired.
The NRMLA/RiskSpan Reverse Mortgage Market Index shows another impressive quarterly increase, as well as positive year-over-year data.
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.
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.