HMBS investors and issuers feared big draws in March. They worried that the widening crisis would panic reverse mortgage borrowers into a “run on the bank” mentality resulting … more New View Advisors Reverse Mortgage Draw Index March 2020: Dog Days Bite, but Don’t Bark
Loan Servicing
Financial Assessment Is Working (Part VI)
Financial Assessment is still working. Now in its sixth year, FHA’s policy of requiring the financial assessment (FA) of borrowers’ ability to pay has cut tax and insurance … more Financial Assessment Is Working (Part VI)
FHA Provides Loss Mitigation Relief to HECM and Forward Borrowers
On Wednesday, April 1, the Federal Housing Administration published Mortgagee Letter 2020-06 to implement the mortgage forbearance provisions provided in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that … more FHA Provides Loss Mitigation Relief to HECM and Forward Borrowers
HMBS March 2020: Issuance Tails Off
HMBS issuance totaled $625 million in March 2020, with a notable decline in tail pools accounting for much of the reduced volume. As the month wore on, the … more HMBS March 2020: Issuance Tails Off
Consumer Groups to FHA Commissioner: More Protections Needed For Reverse Mortgage Borrowers
While a 60-day moratorium on all foreclosures and evictions is “an important first step,” the National Consumer Law Center, along with 41 other consumer advocacy organizations, urged FHA … more Consumer Groups to FHA Commissioner: More Protections Needed For Reverse Mortgage Borrowers
FHA Publishes COVID-19 Q&A For Lenders and Servicers
The Federal Housing Administration’s Office of Single Family Housing (OSFH) has developed and is maintaining a Q&A document to provide stakeholders with the latest information about FHA’s response … more FHA Publishes COVID-19 Q&A For Lenders and Servicers
Servicing Corner: Being Out of the Home For Extended Periods
NRMLA publishes the “Servicing Corner” so that we can better educate our readers on the most commonly asked questions that loan officers ask about HECM servicing guidelines. This … more Servicing Corner: Being Out of the Home For Extended Periods
Servicing Corner: Can I Sign the Occupancy Certificate For My Mom?
Weekly Report has added a new section called the “Servicing Corner” so that we can better educate our readers on the most commonly asked questions that loan officers … more Servicing Corner: Can I Sign the Occupancy Certificate For My Mom?
FHA Issues Policy Reminder On Presidentially-Declared Major Disaster Areas
In response to the recent earthquakes in Puerto Rico, the Federal Housing Administration published FHA Info #20-05 as a reminder to mortgagees about its guidance for originating and/or … more FHA Issues Policy Reminder On Presidentially-Declared Major Disaster Areas
Must a Borrower Sign the Annual Occupancy Certificate?
Weekly Report has added a new feature called the “Servicing Corner,” so that we can better educate our readers on the most commonly asked questions that loan officers … more Must a Borrower Sign the Annual Occupancy Certificate?