NRMLA Adds Online Ethics Complaint Feature

NRMLA’s new online form streamlines the process for reporting ethics violations to NRMLA’s Ethics Committee. Information and documents can now be uploaded for submission on NRMLAonline.org. Anytime you see a questionable advertisement or inappropriate behavior that may violate NRMLA’s Code of Ethics, we encourage you to submit a complaint for review by the Ethics Committee. … more NRMLA Adds Online Ethics Complaint Feature

NRMLA Proposes HECM Loan Document Revisions

Comments were submitted to the Department of Housing and Urban Development last week recommending updates to existing HECM loan documents that take into account recent regulatory changes, such as financial assessment and non-borrowing spouse protections. Forms that NRMLA would like to see updated include: HUD Form 92800.5B-Conditional Commitment; HUD 92900A-HUD Addendum to URLA; Fannie Mae 1009; … more NRMLA Proposes HECM Loan Document Revisions

NRMLA Publishes Op-Ed Explaining Reverse Mortgage Foreclosures

In advance of today’s confirmation hearing for Treasury Secretary nominee Steven Mnuchin, The Hill newspaper, a publication widely read by policy makers and their aides, published an opinion piece by NRMLA President & CEO Peter Bell, titled “The Real Story on Trump’s Treasury Pick and Reverse Mortgages.” Bell’s column explained how reverse mortgage foreclosures are … more NRMLA Publishes Op-Ed Explaining Reverse Mortgage Foreclosures

HUD Consolidates, Clarifies Assignment Policies

The Federal Housing Administration this week consolidated existing policies used by servicers when submitting HECM assignment requests through the Home Equity Reverse Mortgage Information Technology (HERMIT) system. Reverse mortgage servicers have the option to assign loans to FHA as a Claim Type 22 when the loan balance reaches 98 percent of the maximum claim amount. … more HUD Consolidates, Clarifies Assignment Policies

Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing

At his five-hour long confirmation hearing today, Treasury Secretary nominee Steven Mnuchin took questions about his positions on monetary policy, tax reform, foreign investment and economic sanctions, housing finance and the future of the Government Sponsored Enterprises, and on his personal and professional dealings with various companies including OneWest Bank. Mnuchin was asked repeatedly about … more Mnuchin’s OneWest Tenure Questioned During Confirmation Hearing

Honey, We Shrank the Float: HMBS Supply Drops for First Time

The HMBS market shrank for the first time as record prepayments drove total outstanding HMBS to just under $55 billion. HMBS issuers created 97 pools in December 2016, totaling $715 million. Production of original new loan pools was $515 million, up from November’s $504 million and about the same as December 2015’s totals. The pools … more Honey, We Shrank the Float: HMBS Supply Drops for First Time

New Collaboration Focuses on CA Borrowers

The HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are collaborating on a one-year pilot program that assists homeowners in California who have reverse mortgage issues, concerns and questions. Five public events are being organized, beginning in March, and lasting throughout the year. “The goal is to create face-to-face interactive events where participants can gain … more New Collaboration Focuses on CA Borrowers

NRMLA Tracking State Bills

NRMLA is closely monitoring reverse mortgage legislation that has been introduced in New York and Colorado in recent days. In New York, lawmakers introduced A01053 and A01266, both of which include reverse mortgages in the definition of a home loan for purposes of requiring prior notice in mortgage foreclosure actions. Both bills have been referred … more NRMLA Tracking State Bills

Confirmation Hearing of HUD Secretary Nominee Barely Mentions HECM

Dr. Ben Carson, President-Elect Trump’s nominee to lead the Department of Housing and Urban Development, testified before the Senate Banking Committee yesterday during a confirmation hearing to head the agency in the new administration. The two-and-a-half hour hearing began with opening remarks from Committee Chairman Michael Crapo (R-ID), who listed several committee priorities and added, “Another … more Confirmation Hearing of HUD Secretary Nominee Barely Mentions HECM