Financial Assessment is still working. Now in its fifth year, FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax … more Financial Assessment Is Working (Part V)
Loan Servicing
Key HECM Regulations and Resource Materials
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
Urban Institute Advocates Servicing Reforms to Improve HECM
If HUD accepted assignments of HECM loans but allowed servicing to be retained by the current servicers, the health of the Mutual Mortgage Insurance Fund would improve without … more Urban Institute Advocates Servicing Reforms to Improve HECM
DC Housing Launches Reverse Mortgage Assistance Program
The District of Columbia Housing Finance Agency launched the ReMIT, or Reverse Mortgage Insurance and Taxes, to provide financial assistance to qualified District homeowners who are delinquent on … more DC Housing Launches Reverse Mortgage Assistance Program
Florida Ending Federal Reverse Mortgage Assistance Program
Florida Housing Finance Corporation said this week that its Elderly Mortgage Assistance Program (ELMORE), which assists seniors who are in default of their reverse mortgage, will stop taking … more Florida Ending Federal Reverse Mortgage Assistance Program
CFPB Highlights HECM Servicing in Supervisory Report
The Consumer Financial Protection Bureau published the 18th edition of its Supervisory Highlights this week that included an explanation of the timelines and processes that HECM servicers follow … more CFPB Highlights HECM Servicing in Supervisory Report
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?
HUD Announces Disaster Assistance for Florida Storm Victims
The U.S. Housing and Urban Development declared an automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages in the State of Florida to support families forced from … more HUD Announces Disaster Assistance for Florida Storm Victims
FHA Reminds Mortgagees on Treatment of Loans in Major Disaster Areas
As Hurricane Florence advanced on the Carolinas last week, the Federal Housing Administration issued a reminder to mortgagees about its guidance for originating and/or servicing FHA-insured forward and … more FHA Reminds Mortgagees on Treatment of Loans in Major Disaster Areas
FHA Extends Foreclosure Moratorium to HECM Borrowers in Puerto Rico and U.S. Virgin Islands
Due to the extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands, the Department of Housing and Urban Development (HUD) published FHA Info #18-37 which … more FHA Extends Foreclosure Moratorium to HECM Borrowers in Puerto Rico and U.S. Virgin Islands