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
Loan Servicing
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
February 2018: Record HMBS Month — But Trending Down
HMBS issuers sold a record 129 pools in February 2018, and posted the second highest dollar issuance, $1.47 billion. The dollar total is topped only by December 2009, … more February 2018: Record HMBS Month — But Trending Down
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 … 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 … 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 … 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, … 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 … 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 … more HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule