Weekly Report has added a new section called the “Servicing Corner” so that we can better educate our readers on the most commonly asked questions that loan officers … more Servicing Corner: Can I Sign the Occupancy Certificate For My Mom?
Loan Servicing
FHA Issues Policy Reminder On Presidentially-Declared Major Disaster Areas
In response to the recent earthquakes in Puerto Rico, the Federal Housing Administration published FHA Info #20-05 as a reminder to mortgagees about its guidance for originating and/or … more FHA Issues Policy Reminder On Presidentially-Declared Major Disaster Areas
Key HECM Regulations and Resource Materials
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
NRMLA Launches “Servicing Corner”
Weekly Report has added a new feature called the “Servicing Corner,” so that we can better educate our readers on the most commonly asked questions that loan officers … more NRMLA Launches “Servicing Corner”
CFPB Releases New Guide for HECM Borrowers Affected by Natural Disasters
The Consumer Financial Protection Bureau has released a guide for older homeowners on how to meet their reverse mortgage loan obligations while recovering from a hurricane, fire, flood … more CFPB Releases New Guide for HECM Borrowers Affected by Natural Disasters
Financial Assessment Is Working (Part V)
Financial Assessment is still working. Now in its fifth year, FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax … more Financial Assessment Is Working (Part V)
Urban Institute Advocates Servicing Reforms to Improve HECM
If HUD accepted assignments of HECM loans but allowed servicing to be retained by the current servicers, the health of the Mutual Mortgage Insurance Fund would improve without … more Urban Institute Advocates Servicing Reforms to Improve HECM
DC Housing Launches Reverse Mortgage Assistance Program
The District of Columbia Housing Finance Agency launched the ReMIT, or Reverse Mortgage Insurance and Taxes, to provide financial assistance to qualified District homeowners who are delinquent on … more DC Housing Launches Reverse Mortgage Assistance Program
Florida Ending Federal Reverse Mortgage Assistance Program
Florida Housing Finance Corporation said this week that its Elderly Mortgage Assistance Program (ELMORE), which assists seniors who are in default of their reverse mortgage, will stop taking … more Florida Ending Federal Reverse Mortgage Assistance Program
CFPB Highlights HECM Servicing in Supervisory Report
The Consumer Financial Protection Bureau published the 18th edition of its Supervisory Highlights this week that included an explanation of the timelines and processes that HECM servicers follow … more CFPB Highlights HECM Servicing in Supervisory Report