The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
Loan Servicing
Helping Your Clients Understand Property Repair Requirements
When a reverse mortgage borrower contacts the company servicing their loan, most often it’s because they have a question or concern about completing property repairs. That’s why NRMLA … more Helping Your Clients Understand Property Repair Requirements
FHA Extends HECM Foreclosure Timelines for Hurricane-Impacted Areas of Puerto Rico and U.S. Virgin Islands
Due to extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands, the U.S. Department of Housing and Urban Development will extend foreclosure timelines … more FHA Extends HECM Foreclosure Timelines for Hurricane-Impacted Areas of Puerto Rico and U.S. Virgin Islands
New York Law Requires New Pre-Foreclosure Notice for Reverse Mortgages
By Jim Milano, Weiner Brodsky Kider PC On April 12, 2018, the New York legislature enacted and Governor Cuomo signed, Assembly Bill 9508, a budget bill. Obscured in … more New York Law Requires New Pre-Foreclosure Notice for Reverse Mortgages
FHA Extends Puerto Rico Foreclosure Moratorium to HECM Borrowers
In response to NRMLA’s request for clarification, officials at the Federal Housing Administration confirmed this week in FHA Info #18-12 that the moratorium extension on foreclosures in Presidentially-Declared … more FHA Extends Puerto Rico Foreclosure Moratorium to HECM Borrowers
February 2018: Record HMBS Month — But Trending Down
HMBS issuers sold a record 129 pools in February 2018, and posted the second highest dollar issuance, $1.47 billion. The dollar total is topped only by December 2009, … more February 2018: Record HMBS Month — But Trending Down
California Foreclosure Relief Program Ending
Keep Your Home California, which has provided relief to 700 reverse mortgage borrowers facing foreclosure, will end its Reverse Mortgage Assistance Pilot Program at the end of the … more California Foreclosure Relief Program Ending
Financial Assessment Is Working (Part IV)
Financial Assessment is still working. FHA’s new policy of requiring a financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly … more Financial Assessment Is Working (Part IV)
Houston Mortgage Assistance Events Help Reverse Mortgage Borrowers Impacted by Hurricane
The HOPE NOW alliance coordinated a series of six free mortgage assistance events in Houston from late September through early October. More than twenty-three mortgage servicing companies participated … more Houston Mortgage Assistance Events Help Reverse Mortgage Borrowers Impacted by Hurricane
HUD Releases Updated HERMIT Software
The Department of Housing and Urban Development released new enhancements to the Home Equity Reverse Mortgage Information Technology (HERMIT) platform that servicers use to collect mortgage insurance premiums, … more HUD Releases Updated HERMIT Software