Financial Assessment Works

Financial Assessment is working. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by two-thirds and serious defaults almost in half, according to an analysis by New View Advisors. FHA’s objective for the new Financial Assessment regulations was to reduce the persistent defaults, especially … more Financial Assessment Works

New Collaboration Focuses on CA Borrowers

The HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are collaborating on a one-year pilot program that assists homeowners in California who have reverse mortgage issues, concerns and questions. Five public events are being organized, beginning in March, and lasting throughout the year. “The goal is to create face-to-face interactive events where participants can gain … more New Collaboration Focuses on CA Borrowers

New Address for HUD Servicing Center

The Department of Housing and Urban Development notified mortgagees this week that its Tulsa, Oklahoma Servicing Center has changed addresses. Mortgagee Letter 2016-17 said effective immediately all correspondence must go to: U.S. Department of Housing and Urban Development National Servicing Center – TULSA 110 W 7th Street, Suite 1110 Tulsa, OK 74119 The NSC’s existing … more New Address for HUD Servicing Center

HUD Announces Foreclosure Moratorium in Disaster Areas

Housing Secretary Julián Castro said this week that his Department will grant a 90-day moratorium on foreclosures and forbearance on foreclosures of FHA-insured home mortgages, including reverse mortgages, in disaster-declared sections of North Carolina, Florida, and Georgia hit by Hurricane Matthew. View the full press release, or get more information on disaster relief options for FHA … more HUD Announces Foreclosure Moratorium in Disaster Areas

HECMs and Hurricanes

As Floridians and East Coast residents brace for Hurricane Matthew, the strongest system to threaten the United States since Katrina in 2005, we asked two knowledgeable servicers for advice that you can share with your clients if their homes are damaged.   Ryan LaRose, President and COO of Lansing, MI-based Celink, and Co-Chairman of NRMLA’s … more HECMs and Hurricanes

HUD Considers Mandatory Assignments at 98%

The Department of Housing and Urban Development published a Supplemental Notice Of Proposed Rulemaking today seeking comment on a regulatory change, which would require HECMs to be assigned to HUD once the loan balance is equal to or greater than 98% of the maximum claim amount. Public comments must be submitted by September 12. Mortgagees currently … more HUD Considers Mandatory Assignments at 98%