NRMLA to HUD: New Servicing Guidelines Should Apply Retroactively

To help mitigate further risk to the MMI Fund, new servicing requirements, including the “Cash for Keys” incentive, should be applied retroactively and not just for new loans with case numbers assigned on or after September 19, 2017, according to comments submitted last week to the Department of Housing and Urban Development. “By allowing this … more NRMLA to HUD: New Servicing Guidelines Should Apply Retroactively

Guidance on California’s “Cooling Off” Period

The California Department of Business Oversight (DBO) recently issued an Interpretative Letter regarding the cooling off period for reverse mortgage application processing as governed under the California Civil Code. In the Interpretative Letter, the DBO provides guidance regarding whether a lender may take a reverse mortgage loan application prior to the expiration of the seven-day … more Guidance on California’s “Cooling Off” Period

Financial Help for Delinquent HECM Borrowers

The Federal Housing Administration and reverse mortgage servicers have done a remarkable job helping HECM borrowers who have fallen behind on paying property taxes, homeowners insurance or condo fees bring their loans current. In addition to FHA’s loss mitigation tools, an increasing number of states have allocated federal “hardest hit funds” to help reverse mortgage … more Financial Help for Delinquent HECM Borrowers

FHA Senior Official: HECM Key to Maintaining Senior Housing Affordability

In a recent interview with Scotsman Guide editor Will McDermott, FHA’s Acting Deputy Assistant Secretary for Single-Family Housing Robert Mulderig said the Home Equity Conversion Mortgage will play a significant role helping maintain housing affordability for American’s aging population over the next several decades. “I believe personally that programs that are going to address affordability of housing … more FHA Senior Official: HECM Key to Maintaining Senior Housing Affordability

Proposed Budgetary Impact on Seniors

NRMLA has compiled a partial list of news articles that summarize the impact that President Trump’s proposed Fiscal Year 2018 budget will have on elderly Americans, including prospective and current HECM borrowers. Trump’s Budget For Seniors: Bad, But It Could Have Been Worse by Forbes.com contributor Howard Gleckman The best that can be said about … more Proposed Budgetary Impact on Seniors

What You Missed at NRMLA West

In case you couldn’t make it to NRMLA’s Western Regional Meeting in Huntington Beach, CA, May 16-17, we invite you to read the following summaries highlighting some of the key presentations. California Association of Realtors Senior Economist Jordan Levine described the economy as being on a strong footing. But he also tempered his remarks by … more What You Missed at NRMLA West