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
Loan Servicing
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
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.
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