HUD: Reverse Mortgage Program Ups and Downs in 2019

The Home Equity Conversion Mortgage (HECM) program has seen incremental change in use cases over the 2019 fiscal year, as well as more visible shifts including year-over-year loan volume, an increase in the average age of a client at the time of endorsement, a reversing trend in refinance activity, and an increase in the dollar […]

FHA Commissioner: HECM Program Improving, Still Needs ‘Structural’ Change

The Federal Housing Administration (FHA) is encouraged by the increasing health of the Home Equity Conversion Mortgage (HECM) program inside the Mutual Mortgage Insurance Fund (MMIF) as revealed by the department’s annual report to Congress last week, but must continue to address remaining deficiencies in it after a series of major changes in 2017 and […]

[Updated] MMI Report Shows Improvement in FHA Reverse Mortgage Portfolio

The reverse mortgage portion of the Federal Housing Administration (FHA) Mutual Mortgage Insurance Fund (MMIF) continues to stand at a negative capital ratio on the overall government-backed portfolio, according to an annual actuarial review of the fund’s finances released Thursday morning. However, it has made notable progress over the past year, increasing $7.7 billion in […]

HUD Promotes Controversial Ginnie Mae Exec

The U.S. Department of Housing and Urban Development (HUD) has promoted Eric Blankenstein to the position of the acting executive vice president at the Government National Mortgage Association (GNMA, or “Ginnie Mae”), according to an internal agency email obtained by Politico. Blankenstein’s current role is in HUD’s Office of General Counsel on Ginnie Mae matters. […]

HUD Secretary Carson Talks Strengthening HECM in MBA Speech

U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson says that improving the financial viability of the Home Equity Conversion Mortgage (HECM) program will be an important part of protecting American taxpayers. The Secretary reiterated Trump Administration proposals made earlier this year, while also later telling a reporter that corrective changes to the […]

HUD and DOJ Release Guidance on False Claims Act Violations

U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Ben Carson and U.S. Attorney General William Barr signed an inter-agency memorandum of understanding (MOU) on Monday, setting “prudential guidance” on the appropriate use of the False Claims Act (FCA) for violations by Federal Housing Administration (FHA) lenders. The MOU between HUD and the Department […]

HUD Sec. Carson: HECM Changes Positive With More Reforms Needed

Secretary of the Department of Housing and Urban Development (HUD) Dr. Ben Carson reiterated Tuesday his and the department’s commitment to addressing the financial viability of the Home Equity Conversion Mortgage (HECM) program, stating recent program changes have been “directionally positive.” He shared this commitment in a statement submitted to the House Financial Services Committee […]

Former HUD Secretary Castro Calls on Carson to Resign

Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro called on his Trump Administration successor Dr. Ben Carson to resign late last week. Castro alleges that comments reportedly made by Carson suggesting a lack of concern for transgendered people disqualifies him from “serving everyone” as HUD Secretary. Castro weighed in on […]

Ginnie Mae Chief Steps Down

The Government National Mortgage Association (GNMA, or “Ginnie Mae”) Executive Vice President and Chief Operations Officer Maren Kasper will be stepping down on October 18 for a new position in the private sector, according to a late Thursday press release issued by the organization. Kasper was previously appointed as acting president in the aftermath of […]

New Reverse Mortgage Protections ‘Win-Win’ for Servicers, Non-Borrowing Spouses

After the release of two Mortgagee Letters by the Federal Housing Administration (FHA) in late September outlining new provisions for the Home Equity Conversion Mortgage (HECM) program, reverse mortgage servicers are responding positively to the expansion of protections for non-borrowing spouses (NBS). Mortgagee Letter 2019-15 updates the Mortgagee Optional Election (MOE) Assignment for HECMs with […]