FHA Proposes Rule Changes to Increase Clarity, Lender Activity

The Federal Housing Administration (FHA) has announced several proposed changes to its loan-level certification requirements for both lenders and borrowers, designed to improve clarity of compliance rules, and to expand financing options for borrowers in an effort to bring more depository institutions back into the FHA lending process. “Today, we are proposing to overhaul the […]

HUD: Reverse Mortgage Volume Falls in Q1 2019

The total volume of Home Equity Conversion Mortgages (HECM) endorsements in Q1 2019 dropped by 18.19 percent from the previous quarter to $2.48 billion, while HECM endorsement counts in FY 2019 Q1 declined 17.67 percent from last quarter to 7,388 loans. This is according to the U.S. Department of Housing and Urban Development (HUD) Federal […]

Facebook Hit With New HUD Lawsuit Over Housing Ads

The Department of Housing and Urban Development (HUD) has filed charges against Facebook, Inc. alleging that the social media giant has violated multiple subsections of the Fair Housing Act, indicating that Facebook has engaged in discriminatory advertising practices that could limit certain protected classes from gaining access to housing. This lawsuit comes just one week […]

President Trump Calls for U.S. Housing Reform Plan, Review of HECM Program

President Donald J. Trump signed an executive memorandum Wednesday initiating the process of reforming the United States housing system, which includes an objective to examine the “financial viability” of the Home Equity Conversion Mortgage (HECM) program. The president has expressed his intent to end the conservatorship of Freddie Mac and Fannie Mae that has been […]

New HECM Head Hopes to ‘Move Needle’ in New Role

The new Senior Advisor to the Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Single Family Programs, Dr. Joshua Miller, introduced himself Monday to the reverse mortgage industry by giving a Home Equity Conversion Mortgage (HECM) program update to assembled reverse mortgage professionals. Miller, named to his new post in mid-February, offered […]

Office of Inspector General to Expand Reverse Mortgage Oversight

The Trump Administration plans for its Office of Inspector General to increase oversight of the Home Equity Conversion Mortgage program in 2020, according to a proposed budget released Monday. The Administration’s HUD budget proposal for the 2020 fiscal year includes a statement on this expanded oversight that the OIG will have, in addition to addressing […]

HUD Secretary Ben Carson Plans Exit at End of Trump’s Term

Department of Housing and Urban Development Secretary Dr. Ben Carson has stated his intention to exit his post at the conclusion of President Donald J. Trump’s current presidential term. Carson made the announcement Monday night during an appearance on Newsmax TV, a conservative media outlet, according to the Washington Post. In the interview, Carson talked […]

Waters Introduces Bill Aimed at Reducing Reverse Mortgage Foreclosures

Congresswoman Maxine Waters (D-Ca.), member of the Committee on Financial Services, introduced a bill on October 27 that is aimed toward preventing unfair foreclosures among seniors with Home Equity Conversion Mortgages. Titled “Preventing Foreclosures on Seniors Act,” the legislation focuses on reforms to HUD’s HECM program that would help borrowers and non-borrowing spouses of reverse […]