RMD presents the top reverse mortgage industry news stories read on the site in 2021, including regulatory changes, new products and company milestones.
The White House
Reverse mortgage relief is a component of a California state mortgage relief program funded by the American Rescue Plan, says Gov. Gavin Newsom.
A new document published by the Office of Information and Regulatory Affairs indicates reverse mortgage program reform could be a 2022 priority for HUD.
The White House is considering Former CFPB Director Richard Cordray to serve as its top Fed banking regulator, according to the Wall Street Journal.
A recent column by a BBB official preaches caution for anyone considering a reverse mortgage, but cites out-of-date information to make the case.
FHA has issued a new Mortgagee Letter designed to curb instances of appraisal bias on the basis of race, color, national origin, religion, sex, familial status, or disability. This is designed to reflect an Executive Order issued by President Biden in January.
A senior official with FHA indicated strong reverse mortgage program performance in FY 2021, and that the product has seen notable uptake even considering major constraints including the pandemic.
HUD announced that it will be holding a competitive-bid HUD-held vacant note sale on November 10, which is made up entirely of properties which were secured by reverse mortgages in which the borrower has passed away with no heir to claim the note.
The White House on Monday announced several new nominations including for two key positions at HUD, one of which has not had a permanent head since 2017.
In light of recent difficulties combining the economic impact of the pandemic with extreme weather events, FHA has highlighted relief options for reverse mortgage borrowers who have been affected by one or both of these factors.
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