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)
Loan Servicing
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
Helping HECM Borrowers in Texas and Florida
NRMLA servicing experts offer the following guidance for homeowners impacted by hurricanes Harvey and Irma: Contact your insurance company right away to file a claim if damage has … more Helping HECM Borrowers in Texas and Florida
HUD Publishes Servicer Guidance
The Department of Housing and Urban Development published Mortgagee Letter 2017-11 today to further clarify new servicing requirements in the HECM Final Rule that become effective for all … more HUD Publishes Servicer Guidance
Financial Assessment Is Working (Part III)
Financial Assessment is still working. FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly … more Financial Assessment Is Working (Part III)
Financial Help for Delinquent HECM Borrowers
The Federal Housing Administration and reverse mortgage servicers have done a remarkable job helping HECM borrowers who have fallen behind on paying property taxes, homeowners insurance or condo … more Financial Help for Delinquent HECM Borrowers
Financial Assessment Looks Better and Better
Financial Assessment is still working, only more so. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default … more Financial Assessment Looks Better and Better