The National Reverse Mortgage Lenders Association created, “What Do I Do When My Loan is Due?,” to walk reverse mortgage loan borrowers and their families through the end … more What Do I Do When My Loan is Due?
Loan Servicing
NRMLA Seeks Clarification On New NBS Rules
In comments submitted to the Department of Housing and Urban Development this week, NRMLA requested that HUD update the HECM loan documents and security instrument to conform with … more NRMLA Seeks Clarification On New NBS Rules
Servicing Corner: Who Qualifies As An Eligible Non-Borrowing Spouse?
If you have a client with an underage spouse who’s not on the reverse mortgage, it may still be possible for that person to continue living in the … more Servicing Corner: Who Qualifies As An Eligible Non-Borrowing Spouse?
State Update: MN Amends Reverse Mortgage Servicing Requirements
Minnesota Governor Tim Walz recently signed into law House File 333 (HF 333), which amends the state’s reverse mortgage loan statute to, among other things, require reverse mortgage … more State Update: MN Amends Reverse Mortgage Servicing Requirements
CFPB Explains COVID Protections for Reverse Mortgage Borrowers
In a recently published blog post, the Consumer Financial Protection Bureau advised HECM borrowers and eligible non-borrowing spouses who have been impacted by COVID-19 and face default and … more CFPB Explains COVID Protections for Reverse Mortgage Borrowers
COVID Relief Bill Includes Funding to Help Delinquent Borrowers
The $1.9 trillion American Rescue Plan that President Biden signed last week contributes just under $10 billion to the Homeowners Assistance Fund that states will use to assist … more COVID Relief Bill Includes Funding to Help Delinquent Borrowers
ARRC Confirms Longer Wind-Down Time Frame For Legacy Contracts
The UK Financial Conduct Authority, which regulates the London Interbank Offered Rate (LIBOR), will cease publication of the one-week and two-month LIBOR indices after December 31, 2021 and … more ARRC Confirms Longer Wind-Down Time Frame For Legacy Contracts
NY Amends Servicing Requirements for HECMs
by Weiner Brodsky Kider New York recently enacted Senate Bill 884 (SB 884), which amends the HECM servicing requirements under the newly added section 280-d of the New York Real … more NY Amends Servicing Requirements for HECMs
NRMLA Comments On LIBOR Transition and H4P Improvements
On behalf of its members, NRMLA submitted comments to the Department of Housing and Urban Development requesting that lenders and servicers be given 180 days to prepare for … more NRMLA Comments On LIBOR Transition and H4P Improvements
DC Reopens HomeSaver Foreclosure Prevention Program
To support its residents during the COVID-19 pandemic, the District of Columbia Housing Finance Agency has reopened its HomeSaver foreclosure prevention program. Through the U.S. Department of the … more DC Reopens HomeSaver Foreclosure Prevention Program