The Federal Housing Administration issued two temporary partial waivers to its HECM servicing policies that allow mortgagees to be more flexible in submitting assignment claims. Details were provided … more HUD Issues Temporary Partial Waivers For Assignment Claims
Loan Servicing
FHA Announces Temporary NBS Protections
Eligible non-borrowing spouses currently have 90 days after the death of the last surviving HECM borrower to establish legal ownership or other ongoing legal right to remain in … more FHA Announces Temporary NBS Protections
FHA Announces More HERMIT System Updates
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
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
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