Loan Servicing

NRMLA has provided links to powerpoint presentations and handouts provided by HUD staff during a panel discussion of loan administration issues and challenges at the 2011 Annual Meeting & Expo.

The U.S. Department of Housing and Urban Development updated its Frequently Asked Questions (FAQs) for HECM Servicers by clarifying issues raised by the recent publication of Mortgagee Letter 2011-16.

HUD published a FAQ for HECM Servicers that responds to questions related to Mortgagee Letter 2011-01: Home Equity Conversion Mortgage Property Charge Loss Mitigation.

Following is a memo written by NRMLA's EVP of Policy, Steve Irwin, which provides a technical explanation for how service fee and repair set-asides work.

The NRMLA Servicing Committee reached a unanimous decision to adapt the NRMLA “Curative Approach” white paper as industry best practices in the handling of those cases that reach a default status due to non-repayment of advances for Taxes and/or required Insurance.

In cooperation with NRMLA's Servicing Subcomittee, HUD has developed the following Q&A that offers detailed guidance on questions relating to the assignment of HECM loans.

The following guidance on assigning loans was provided by the U.S. Department of Housing and Urban Development for educational purposes.

Every loan originator should be able to discuss in detail how a reverse mortgage works, explain the role of processing and underwriting, but most importantly what happens after a loan closes.

The following Q&A was taken from an e-mail exchange between HUD and a member of NRMLA.

The issuance of Mortgagee Letter 2005-48, Repair and Inspection Requirements for existing properties and revisions to FHA Appraisal Protocol, on December 19, 2005, introduced a shift in FHA's emphasis on the repair of minor property deficiencies to only requiring repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear.