On June 12, 2015, HUD released Mortgage Letter 2015-15, which amends regulations for HECMs with FHA Case Numbers assigned prior to August 4, 2014, to provide a revised … more HUD Reverses Course/Helps More Non-Borrowing Spouses
Loan Servicing
Fannie Mae Updates Servicing Manual
Fannie Mae updated its reverse mortgage servicing manual by consolidating information published in 2010 with guidelines dating from 1996 through 2003.
HUD Rescinds MOE
On April 30, 2015, FHA released Mortgagee Letter (ML) 2015-12 and FHA Info # 15-33, which rescinded ML 2015-03 and provided mortgagees with a 60-day extension to take … more HUD Rescinds MOE
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 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.