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.
FA Training for Processors and Underwriters
January 27, 2015
HUD will provide training to processors and underwriters on Monday, February 2, from 2:00 PM to 3:30 PM (Eastern Time) to learn key elements of financial assessment and property charge requirements.
Housing Secretary Supports HECM
January 27, 2015
Secretary of Housing and Urban Development Julian Castro provided some of his first public comments in support of the HECM program as one option to help older Americans get through retirement.
Defining Ineligible NBS
January 20, 2015
A new term has entered the reverse mortgage vocabulary: Ineligible Non-Borrowing Spouse.
HUD Issues Guidance on NBS and Seasoning Requirements
January 9, 2015
The U.S. Department of Housing and Urban Development today issued new guidelines on non-borrowing spouses and procedures for documenting existing non-HECM liens.
HUD Publishes ML on Financial Assessment
November 26, 2014
HUD has published two mortgagee letters that will help clarify the process for conducting financial assessments.
Update in Bennett Litigation
November 25, 2014
The judge presiding over the non-borrowing spouse litigation in federal court in the District of Columbia awarded the plaintiffs’ lawyers $236,112.89 in attorneys’ fees and costs.
MMI Fund Sees Strong Two-Year Recovery
November 20, 2014
In its 2014 Annual Report to Congress on the Financial Status of the FHA Mutual Mortgage Insurance Fund, HUD reported an impressive two-year gain of $21 billion dollars from a 2013 negative value of $16.3 billion to a 2014 positive value of $4.8 billion.
Industry Seeks Flood Rule Exemption
January 8, 2015
NRMLA submitted comments to federal regulators requesting an exemption for reverse mortgages from a proposed regulation that establishes new flood insurance escrows for “forward” mortgages.