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?
Loan Servicing
HUD Extends Foreclosure Relief to Maui Victims
The Federal Housing Administration extended its foreclosure moratorium for borrowers with FHA-insured mortgages in Maui County, HI, through January 1, 2025. Why it matters: This new extension — … more HUD Extends Foreclosure Relief to Maui Victims
HUD Proposes Updates to Debenture Interest Rates for HECM Claims
The Federal Housing Administration posted a draft Mortgagee Letter on its Drafting Table that proposes updates to HUD’s calculations for the payment of debenture interest on HECM claims. … more HUD Proposes Updates to Debenture Interest Rates for HECM Claims
CFPB Proposes Rules to Help Homeowners Avoid Foreclosure
The Consumer Financial Protection Bureau published a proposed rule that would update mortgage servicing rules in Regulation X. What’s next: Public comments are due by September 9, 2024. … more CFPB Proposes Rules to Help Homeowners Avoid Foreclosure
CFPB Takes Action Against Former HUD Contract Sub-Servicer
The Consumer Financial Protection Bureau issued an order to permanently ban Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting from servicing … more CFPB Takes Action Against Former HUD Contract Sub-Servicer
Servicing Corner: HECM Borrowers Win With These Changes
With the publication of Mortgagee Letter 2023-23, U.S. Department of Housing and Urban Development (HUD) provided valuable benefits to HECM borrowers and their heirs by streamlining HECM servicing requirements … more Servicing Corner: HECM Borrowers Win With These Changes
Servicing Corner: Who Qualifies As An Eligible Non-Borrowing Spouse?
If you have a client with an underage spouse who’s not on the reverse mortgage, it may still be possible for that person to continue living in the … more Servicing Corner: Who Qualifies As An Eligible Non-Borrowing Spouse?
Servicing Corner: Why Completing Required Repairs ASAP is Important
When a new reverse mortgage closes, the appraiser and underwriter may have identified repairs to the property that are required to be completed to bring the property into … more Servicing Corner: Why Completing Required Repairs ASAP is Important
HUD Updates HECM Servicing Policies
The Federal Housing Administration implemented numerous servicing policy changes that are designed to improve the HECM program’s financial stability and overall performance. Details were provided in Mortgagee Letter … more HUD Updates HECM Servicing Policies
FHA Proposes Update to HECM Assignment Claims Eligibility
The Federal Housing Administration posted a new draft mortgagee letter to the Drafting Table that would expand the assignment eligibility criteria to include HECMs that are due and … more FHA Proposes Update to HECM Assignment Claims Eligibility
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