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 month, but will continue accepting applications until 6 p.m. on Thursday, November 301, 2017. The organization said the $10 million in federal “Hardest Hit” funds allocated for … 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 three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared in previous quarters. FHA’s objective for the new Financial … 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 in events, including several reverse mortgage servicers, to provide their hurricane-impacted borrowers with guidance and information. NRMLA promoted the events to Houston media, liaised with the Harris … 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, file insurance claims and assign loans to FHA. Of particular note, HERMIT System Changes – Release 5.4 provides access to Death Master Files (DMF) from the Social Security Administration … more HUD Releases Updated HERMIT Software

FHA Provides Property Inspection Waiver for Florida and Foreclosure Relief for Georgia Counties

The Federal Housing Administration published a policy waiver on the timeframe for completing inspections of properties prior to closing or submitting mortgages for insurance endorsement in Presidentially-Declared Major Disaster Areas of Florida impacted by Hurricane Irma. The Department of Housing and Urban Development announced separately that it would grant a 90-day moratorium on foreclosures and … more FHA Provides Property Inspection Waiver for Florida and Foreclosure Relief for Georgia Counties

HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

According to FHA Info #17-40, on September 18, 2017, the Federal Housing Administration (FHA) will update its FHA systems to accommodate: The implementation of origination and servicing policies contained in the Home Equity Conversion Mortgage (HECM) program final rule that published on January 19, 2017; The servicing implementation guidance issued in Mortgagee Letter 2017-11 on … more HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

HUD Publishes Servicer Guidance

The Department of Housing and Urban Development published Mortgagee Letter 2017-11 today to further clarify new servicing requirements in the HECM Final Rule that become effective for all case numbers assigned on or after September 19, 2017. Specifically, this Mortgagee Letter provides more detail on the following three areas of servicing policy included in the … more HUD Publishes Servicer Guidance

Financial Assessment Is Working (Part III)

Financial Assessment is still working. FHA’s new policy of requiring the 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 continue to validate the encouraging data we shared 3 months and 6 months ago. FHA’s objective for … more Financial Assessment Is Working (Part III)