FHA Increases HECM Lending Limit to $679,650

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.

PACE Liens Now Considered a Mandatory Obligation

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

Senate Committee Approves FHA Commissioner Nominee

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

NRMLA to CFPB: Guidance Doesn’t Go Far Enough to Protect Sensitive Data

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

NRMLA EVP Steve Irwin Testifies on DC Reverse Mortgage Bill

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