The HOPE NOW Alliance will conduct its third educational seminar this year in Southern California for reverse mortgage borrowers and their families on June 24 at the ONEgeneration Senior Enrichment Center in Reseda, a neighborhood in the San Fernando Valley in Los Angeles. The HOPE NOW Alliance is partnering with ClearPoint Credit Counseling Solutions in … more Next HOPE NOW Event in California Scheduled for June 24
Loan Servicing
Financial Assessment Looks Better and Better
Financial Assessment is still working, only more so. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results are even better than the encouraging data we shared this past February. FHA’s objective for … more Financial Assessment Looks Better and Better
Helping Delinquent HECM Borrowers in IL and CA
The Illinois Housing Development Authority (IHDA) launched the Reverse Mortgage Assistance Program last week to help HECM borrowers in the Prairie State who are in technical default for not paying their property taxes and homeowners insurance policies. The IHDA offers up to $35,000 to reinstate a homeowner’s delinquent property expenses and pay future taxes and … more Helping Delinquent HECM Borrowers in IL and CA
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
California Workshops to Help HECM Borrowers
The HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are co-sponsoring free educational seminars in Garden Grove, CA on March 11 and Compton, CA on April 27 for families with reverse mortgages to help with concerns and questions. The seminars are the first in a series that will be held in California throughout 2017 by … more California Workshops to Help HECM Borrowers
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
What Do I Do When My Loan is Due?
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 of the loan process when it is time for the loan to be repaid. This guide will help you prepare when a Maturity Event occurs and the loan … more What Do I Do When My Loan is Due?
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
CFPB Publishes Servicing Examination ProceduresMembers Only
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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