The Federal Housing Administration published FHA Info #20-67 to announce updates to the Home Equity Reverse Mortgage Information Technology (HERMIT) system’s file format and layout. The changes are … more FHA Announces More HERMIT System Updates
Loan Servicing
FHA Issues Forbearance Guidance and HERMIT Changes
The Federal Housing Administration published Mortgagee Letter 2020-30, which provides underwriting guidelines for homeowners who were granted a mortgage forbearance due to the COVID-19 National Emergency. Additionally, ML … more FHA Issues Forbearance Guidance and HERMIT Changes
Guidance Regarding Presidentially-Declared Disaster Areas
The Federal Housing Administration this week issued FHA INFO #20-64 as a clarification to mortgagees about its guidance for originating and/or servicing FHA-insured mortgages in locations in the U.S. and … more Guidance Regarding Presidentially-Declared Disaster Areas
Key HECM Regulations and Resource Materials
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
NRMLA Submits Comments to CFPB On LIBOR Transition
NRMLA applauds the efforts of the Consumer Financial Protection Bureau to proactively address the sunset of LIBOR and the impact it will have on creditors and consumers, but … more NRMLA Submits Comments to CFPB On LIBOR Transition
DC Passes Law to Help Delinquent Reverse Mortgage Borrowers
The District of Columbia implemented a new law that extends and slightly expands the existing DC reverse mortgage tax and insurance payment assistance program. The “Reverse Mortgage … more DC Passes Law to Help Delinquent Reverse Mortgage Borrowers
NRMLA Requests Federal Funds Be Released to Help Puerto Rico HECM Borrowers
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
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