To assist homeowners who are still struggling to meet the requirements of their Home Equity Conversion Mortgage, the Federal Housing Administration is providing up to 12 months of … more FHA Provides More Relief for HECM Borrowers
Loan Servicing
Reminder Guidance for FHA-Approved Mortgagees Regarding Presidentially-Declared Major Disaster Areas
On Friday, September 10, the Federal Housing Administration issued a reminder to mortgagees about its guidance for originating and/or servicing FHA-insured mortgages in locations in the U.S. and … more Reminder Guidance for FHA-Approved Mortgagees Regarding Presidentially-Declared Major Disaster Areas
FHA Announces Temporary Partial Waivers for HECM Borrowers
Today, the Federal Housing Administration issued temporary partial waivers that provide mortgagees with expanded flexibility to help HECM borrowers who are struggling financially due to COVID-19. Details were … more FHA Announces Temporary Partial Waivers for HECM Borrowers
Treasury: Reverse Mortgage Borrowers May Qualify For HAF Funds
The U.S. Treasury Department this week published Homeowner Assistance Fund (HAF) guidance that includes reverse mortgages on the list of eligible mortgage types that can receive federal assistance … more Treasury: Reverse Mortgage Borrowers May Qualify For HAF Funds
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 … more What Do I Do When My Loan is Due?
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