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.
Loan Servicing
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.
Modified HERMIT Steps Out
HUD completed modifications to the HERMIT platform to accommodate new premium structures and initial disbursement limits implemented last September.
Florida Allocates $25M to Help Delinquent Borrower
The Florida Housing Finance Corp launched the Elderly Mortgage Assistance Program (ELMORE) to provide financial assistance to delinquent HECM borrowers who need help bringing their property taxes and insurance current.
NRMLA Supports CFPB Exclusion for Reverse MortgagesMembers Only
NRMLA submitted comments this week to the Consumer Financial Protection Bureau in support of a proposal to exclude reverse mortgage when determining “small servicer” status.
NRMLA Submits Servicing Comments to CFPBMembers Only
NRMLA submitted comments to the CFPB in response to a proposed rule that implements new servicing guidelines.
Understanding How Service Fee and Repair Set-Asides WorkMembers Only
Following is a memo written by NRMLA’s EVP of Policy, Steve Irwin, which provides a technical explanation for how service fee and repair set-asides work.