Last month the HMBS market impersonated the Coyote, holding an anvil of loan payoffs in mid-air but not falling. That will change soon when the full effect of new PLFs inevitably shrinks the outstanding HMBS float, which fell slightly in November despite the largest issuance in 15 months. HMBS prepayments topped $1.2 billion, the highest … more HMBS November 2017: Don’t Look Down
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
Beginning January 1, 2018, the national lending limit for Home Equity Conversion Mortgages will increase to $679,650 from $636,150. Details were announced today in Mortgagee Letter 2017-17. This new loan limit is also applicable to Freddie Mac’s special exception areas: Alaska, Hawaii, Guam, and the Virgin Islands.
Effective for case numbers assigned on or after January 6, 2018, properties encumbered by a PACE obligation can be paid off using HECM proceeds. “Clarification is provided to identify PACE obligations as Mandatory Obligations that must be paid off at closing, and may be paid off using HECM proceeds,” according to Mortgagee Letter 2017-18. In … more PACE Liens Now Considered a Mandatory Obligation
Members who attended this year’s Annual Meeting & Expo in San Francisco were treated to a memorable discussion among NRMLA’s leadership on important issues and trends and where they see the business headed. You can listen to the complete recording on NRMLAonline.org by visiting the Annual Meeting web page, logging into the web site with … more Insights From NRMLA’s Leadership
The following page shows annual HECM production from 1990 to the present by federal fiscal year and by calendar year from 2001 onward.
The Senate Banking Committee this week voted 18-5 to approve Brian D. Montgomery as the next Assistant Secretary of the U.S. Department of Housing & Urban Development and Federal Housing Administration Commissioner. His nomination now goes to the full Senate for a final confirmation vote. Montgomery served as FHA Commissioner from 2005 to 2009, during … more Senate Committee Approves FHA Commissioner Nominee
In comments submitted to the Consumer Financial Protection Bureau, NRMLA requested that the consumer watchdog initiate formal public rulemaking that gives stakeholders the opportunity to adequately address consumer privacy dangers and data protection threats that the disclosure of expanded Home Mortgage Disclosure Act data poses. “We believe that the Bureau should undergo further and formal … more NRMLA to CFPB: Guidance Doesn’t Go Far Enough to Protect Sensitive Data
In response to the District of Columbia City Council’s proposed Reverse Mortgage Foreclosure Prevention Act of 2017 (B22-0505), National Reverse Mortgage Lenders Association Executive Vice President offered testimony in support of the bill’s intention to keep borrowers in their homes, but also raised concerns that unclear legislative language could potentially create undue economic hardship for … more NRMLA EVP Steve Irwin Testifies on DC Reverse Mortgage Bill
From left to right: Jim Milano of Weiner Brodsky Kider; Elly Johnson of United Northern Mortgage Bankers Ltd; Dan Hultquist of ReverseVision; and Jim Cory of Live Well Financial, were each presented with NRMLA’s Distinguished Service Award during the 2017 Annual Meeting & Expo this week in San Francisco. Jim Milano, whose firm serves … more NRMLA Honors Four For Industry Contributions