Reverse Mortgage Regulations


The following section contains links to FHA mortgagee letters, the Code of Federal Regulations, and the HUD HECM Handbook, so that you are kept informed of the rules governing the HECM and Fannie Mae Home Keeper programs.


HUD


FICO Scores Reminder April 17, 2015

While FICO scores are not part of the impending financial assessment decision making process, originators will need to input the applicants’ FICO score in FHA Connection.


Member Alert: HECM Automatic Case Number Cancellation Reminder April 17, 2015

Mortgagees should review their Pending Case Cancellation Report to identify loans that are marked for automatic cancellation.


HUD Asks District Court to Dismiss and Conclude NBS Litigation April 17, 2015

There have been additional filings in the past few weeks in the ongoing multi-year non-borrowing spouse (NBS) litigation (Plunkett v. Castro) still pending in the U. S. District Court for the District of Columbia.


HUD Awards $36 Million in Housing Counseling Grants April 17, 2015

HUD awarded $36 million in grants to hundreds of national, regional and local organizations to cover the costs of providing housing counseling services, including HECM counseling.


FHA Establishes LESA Growth Rate April 6, 2015

FHA established a monthly growth rate for Life Expectancy Set-Asides and clarified a discrepancy between the HECM Financial Assessment and Property Charge Guide and the model HECM Financial Assessment Worksheet.


Final HECM Calculator Software Requirements March 23, 2015

HUD shared its HECM calculator specifications with reverse mortgage lenders and technology providers to ensure that financial assessment is implemented consistently across the industry.

 

Other


CFPB Levies $250K Fine for Deceptive Advertising April 13, 2015

The Consumer Financial Protection Bureau this week ordered RMK Financial Corporation, a forward mortgage lender based in California, to pay a $250,000 fine for deceptive marketing practices.


NRMLA Seeks Regulatory Exemptions March 23, 2015

NRMLA submitted written comments to the CFPB seeking an explicit exemption for reverse mortgages from mortgage servicing rules that are being amended by the agency.