On April 30, 2015, FHA released Mortgagee Letter (ML) 2015-12 and FHA Info # 15-33, which rescinded ML 2015-03 and provided mortgagees with a 60-day extension to take … more HUD Rescinds MOE
Loan Servicing
HUD Updates Servicing Guidelines
The Federal Housing Administration updated its due and payable and loss mitigation policies and procedures via the April 23 publication of Mortgagee Letters 2015-10 and 2015-11. Mortgagee Letter 2015-10, … more HUD Updates Servicing Guidelines
NRMLA Seeks Exemption from CFPB Servicing ProposalMembers Only
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California Offers Relief to HECM Borrowers
Keep Your Home California announced a new effort to help low- and moderate-income homeowners avoid foreclosure on their reverse mortgages.
CT Mandates Servicer Licensing; Forms Reverse Mortgage Task Force
Reverse mortgage servicers must be licensed through the Connecticut Banking Commissioner starting January 1, 2015, according to legislation recently signed into law by the governor.
NBS Eligible For Two Foreclosure Extensions
The Federal Housing Administration announced this week that HECM servicers may request up to two 60-day extensions from foreclosing on surviving non-borrowing spouses living in the property.
Louisiana Adopts New Servicer Licensing Requirements
Louisiana’s legislature recently enacted House Bill 807, which requires mortgage servicers (including reverse mortgage servicers) to become licensed.
NRMLA Responds to Senators’ Loan Payoff Concerns
Senators Barbara Boxer and Charles Schumer submitted a letter to Housing Secretary Shaun Donovan expressing concerns that servicers are unfairly foreclosing on the heirs of reverse mortgage borrowers.
NRMLA Supports Permanent DMF CertificationMembers Only
NRMLA submitted comments to the National Technical Information Service requesting a new certification program that provides limited access to the “Death Master File” be made permanent.
HUD Issues Non-Borrowing Spouse Guidelines for New HECM Loans
HUD issued new guidelines to protect non-borrowing spouses by allowing them to continue living in their homes after the mortgagor passes away, but only for new case numbers on or after August 4.