The Consumer Financial Protection Bureau joined four other federal financial regulatory agencies and state bank and credit union regulators in issuing a statement highlighting the risks posed by … more CFPB Issues Joint Statement on Discontinuing LIBOR
Loan Servicing
NRMLA Vetting Draft HECM Handbook
Several working groups have been formed and are busily convening and discussing the draft HECM Handbook that the Department of Housing and Urban Development released late last month. … more NRMLA Vetting Draft HECM Handbook
FHA Provides More Relief for HECM Borrowers
To assist homeowners who are still struggling to meet the requirements of their Home Equity Conversion Mortgage, the Federal Housing Administration is providing up to 12 months of … more FHA Provides More Relief for HECM Borrowers
Reminder Guidance for FHA-Approved Mortgagees Regarding Presidentially-Declared Major Disaster Areas
On Friday, September 10, the Federal Housing Administration issued a reminder to mortgagees about its guidance for originating and/or servicing FHA-insured mortgages in locations in the U.S. and … more Reminder Guidance for FHA-Approved Mortgagees Regarding Presidentially-Declared Major Disaster Areas
FHA Announces Temporary Partial Waivers for HECM Borrowers
Today, the Federal Housing Administration issued temporary partial waivers that provide mortgagees with expanded flexibility to help HECM borrowers who are struggling financially due to COVID-19. Details were … more FHA Announces Temporary Partial Waivers for HECM Borrowers
Servicing Corner: Is a LOC Guaranteed to Be Available For Borrowers?
Question: Is it okay to tell your clients that the Line of Credit is guaranteed and will always be available to them? Answer: No, the line of credit … more Servicing Corner: Is a LOC Guaranteed to Be Available For Borrowers?
What Do I Do When My Loan is Due?
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?
NRMLA Seeks Clarification On New NBS Rules
In comments submitted to the Department of Housing and Urban Development this week, NRMLA requested that HUD update the HECM loan documents and security instrument to conform with … more NRMLA Seeks Clarification On New NBS Rules
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?
State Update: MN Amends Reverse Mortgage Servicing Requirements
Minnesota Governor Tim Walz recently signed into law House File 333 (HF 333), which amends the state’s reverse mortgage loan statute to, among other things, require reverse mortgage … more State Update: MN Amends Reverse Mortgage Servicing Requirements
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