The Federal Housing Administration (FHA) this week announced the appointment of Joseph M. (Joe) Gormley as the Deputy Assistant Secretary for the Office of Single Family Housing, effective as of January 21. Gormley’s appointment comes after the departure of his predecessor Gisele Roget late last year, who went on to become Deputy Chief of Staff […]
Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro has ended his bid for the Democratic Party’s nomination for President of the United States in the 2020 general election, and in a matter of days has made an endorsement in the race for one of his former opponents. “I’ve determined that […]
When Reverse Mortgage Daily launched The RMD Podcast in 2019, the site did so in an attempt to provide additional context and (literal) voice to some of the biggest, most prominent issues and players in the reverse mortgage industry. The episodes that have been released thus far have had guests ranging from the most visible […]
In the eighth episode of The RMD Podcast, RMD Executive Editor and Aging Media Network Director of Content Elizabeth Ecker joins host Chris Clow to talk about the biggest reverse mortgage industry stories covered by RMD in 2019! The past year has been a very eventful one for the reverse mortgage industry, and as we […]
In terms of regulations that govern the reverse mortgage industry and possible outcomes for such matters in 2020, distractions being experienced by Congress, White House proposals for federal regulations and the continuing presence of possible Consumer Financial Protection Bureau (CFPB) enforcement actions could make for an eventful year in terms of actions related to regulatory […]
The lending limit for federally-backed reverse mortgages is increasing for the fourth consecutive year in a row and is set to rise to $765,600 in 2020. The Department of Housing and Urban Development (HUD) announced on Friday via Mortgagee Letter 2019-20 a maximum claim amount of $765,600 for calendar year 2020, up from $726,525 in […]
Second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are largely unchanged from figures shared earlier in the year, though have appeared to tick slightly downward. This is according to data from a valuation professional and the National Reverse Mortgage Lenders Association (NRMLA). “The latest data indicates […]
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 […]
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 […]
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 […]
