Due to extensive damage caused by Hurricane Maria in Puerto Rico and the U.S. Virgin Islands, the U.S. Department of Housing and Urban Development will extend foreclosure timelines … more FHA Extends HECM Foreclosure Timelines for Hurricane-Impacted Areas of Puerto Rico and U.S. Virgin Islands
Loan Servicing
New York Law Requires New Pre-Foreclosure Notice for Reverse Mortgages
By Jim Milano, Weiner Brodsky Kider PC On April 12, 2018, the New York legislature enacted and Governor Cuomo signed, Assembly Bill 9508, a budget bill. Obscured in … more New York Law Requires New Pre-Foreclosure Notice for Reverse Mortgages
FHA Extends Puerto Rico Foreclosure Moratorium to HECM Borrowers
In response to NRMLA’s request for clarification, officials at the Federal Housing Administration confirmed this week in FHA Info #18-12 that the moratorium extension on foreclosures in Presidentially-Declared … more FHA Extends Puerto Rico Foreclosure Moratorium to HECM Borrowers
Financial Assessment Is Working (Part IV)
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)
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
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 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
Financial Assessment Works
Financial Assessment is working. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by two-thirds and serious … more Financial Assessment Works