A senior FHA official who oversees the HECM program will be delivering a keynote address to reverse mortgage professionals at an upcoming trade association virtual conference.
U.S. Department of Housing and Urban Development
In response to an initiative from President Biden, HUD has announced specific measures it is taking to mitigate the impact of climate change on the vulnerable populations it serves.
HUD has requested stakeholder comments regarding the implementation of rules phasing out the LIBOR index for adjustable-rate forward and reverse mortgages.
HUD has announced a new single-family secretary-held mortgage servicing contractor, but details that the Secretary-held reverse mortgage portfolio will remain where it is for the time being.
FHA has posted a series of proposed changes to Home Equity Conversion Mortgage (HECM) program guidance to the Single Family Drafting Table, available for review through mid-November.
FHA has announced a series of new forbearance options for borrowers on the forward mortgage side, and additional relief for reverse mortgage borrowers which also shows signs of a relief timetable on the part of the agency.
More perspectives about appraisal challenges are shared with RMD by reverse mortgage professionals, including regional appraisal issues regarding second appraisals.
A counseling professional describes how important new funding from HUD will be in increasing capacity, and allowing reverse mortgage borrower more options to avoid default.
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.
HUD has announced the availability of $51 million in housing counseling funds, and specifically cites an effort to address reverse mortgage foreclosures through this action.
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