NRMLA submitted a letter to Puerto Rico Housing Secretary Luis C. Fernández-Trinchet, Esq. requesting that $5 million in federal Community Development Block Grant funds be released to help … more NRMLA Requests Federal Funds Be Released to Help Puerto Rico HECM Borrowers
Loan Servicing
Foreclosure and Eviction Moratorium Extended to August 31
The Federal Housing Administration extended its foreclosure and eviction moratorium through August 31, 2020. The announcement was made in Mortgagee Letter 2020-19. This guidance is applicable to all … more Foreclosure and Eviction Moratorium Extended to August 31
CFPB Updates Servicing Exam Procedures
The Consumer Financial Protection Bureau has updated its reverse mortgage servicing examination procedures. The CFPB’s reverse mortgage servicing examination procedures were last updated on October 30, 2016. As … more CFPB Updates Servicing Exam Procedures
Servicing Corner: Prepayment Application Waterfall
Weekly Report publishes the “Servicing Corner” periodically to educate readers on the most commonly asked questions that loan officers ask about HECM servicing guidelines. This week’s edition focuses … more Servicing Corner: Prepayment Application Waterfall
AGs Seek Consumer Protections for HECM Borrowers
A coalition of attorneys general from 24 states, the District of Columbia and Puerto Rico submitted a letter to Housing Secretary Ben Carson on May 1 requesting additional … more AGs Seek Consumer Protections for HECM Borrowers
New View Advisors Reverse Mortgage Draw Index March 2020: Dog Days Bite, but Don’t Bark
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
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