Reverse mortgage loans in the United States territory of Puerto Rico are resulting in non-death-related foreclosures at a rate of nearly one-in-four between 2014 and 2018, an issue magnified by Puerto Rico’s struggles with natural disasters, falling home prices and a lack of understanding relating to the territory’s unique tax exemptions, according to an investigative […]
The Federal Housing Administration announced late Monday that it is extending its relaxed appraisal requirements for most FHA-insured loans originated during the COVID-19 coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-20 runs through August 31. Previously, the allowance for desktop and curbside appraisals was in place through May 17, per ML 2020-05 published […]
A moratorium on all foreclosures and evictions in connection with the national emergency stemming from the COVID-19 coronavirus pandemic has been extended through August 31, according to a Mortgagee Letter (ML) released Wednesday morning by the U.S. Department of Housing and Urban Development. The moratorium — initially declared by President Donald Trump in a March […]
The Department of Housing and Urban Development (HUD) on Tuesday awarded nearly $40 million in counseling grants to agencies across the country, according to a statement released by the Department. However, this year’s award amount has dropped for the third consecutive year in a row. Housing counseling agencies approved by HUD will use grant funds […]
The COVID-19 coronavirus pandemic has wreaked havoc on many industries indiscriminately, from energy to food service and seemingly everything in-between. While the expectation would be that the reverse mortgage industry would pivot and maneuver through this time based on its response to past crises, what’s actually happening goes beyond that: this pandemic seems to actually […]
The Federal Housing Administration today announced it is extending its relaxed appraisal requirements for most FHA-ensured loans originated during the coronavirus national emergency. The extension, announced in Mortgagee Letter 2020-14 runs through June 30. Previously, the allowance for desktop and curbside appraisals was in place through May 17, per ML 2020-05 published in late March. […]
The Consumer Financial Protection Bureau (CFPB), in conjunction with the Department of Housing and Urban Development (HUD) and Federal Housing Finance Agency (FHFA), today announced the launch of a new website to help homeowners and renters impacted by the COVID-19 crisis. The site offers resources to help mortgage holders and renters find relief in cases […]
After serving the role of Federal Housing Administration Commissioner since June 2018, Brian Montgomery was today confirmed by the Senate as Department of Housing and Urban Development Deputy Secretary. He was nominated to the position full time by President Donald Trump in October 2019. At the time, he held the role of acting deputy secretary […]
A coalition of attorneys general from 27 different states, led by New York A.G. Letitia James, sent a letter Friday to the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson, urging the Department to take further action to protect seniors with Home Equity Conversion Mortgages (HECMs) who have been […]
Even in the midst of the COVID-19 coronavirus pandemic, second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are still a reality that the reverse mortgage industry has to contend with. Fortunately however, the instances of second appraisals being required do not appear to be increasing at […]
