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

NRMLA Seeks Grace Period for H4P Borrowers

NRMLA has been communicating with the Department of Housing and Urban Development on HECM for Purchase issues and asking for relief for those borrowers who may have made earnest money deposits. New principal limit factors will adversely impact consumers who are under contract to buy a newly constructed home with financing through the H4P program. … more NRMLA Seeks Grace Period for H4P Borrowers

HUD Releases Updated HERMIT Software

The Department of Housing and Urban Development released new enhancements to the Home Equity Reverse Mortgage Information Technology (HERMIT) platform that servicers use to collect mortgage insurance premiums, file insurance claims and assign loans to FHA. Of particular note, HERMIT System Changes – Release 5.4 provides access to Death Master Files (DMF) from the Social Security Administration … more HUD Releases Updated HERMIT Software

FHA Provides Property Inspection Waiver for Florida and Foreclosure Relief for Georgia Counties

The Federal Housing Administration published a policy waiver on the timeframe for completing inspections of properties prior to closing or submitting mortgages for insurance endorsement in Presidentially-Declared Major Disaster Areas of Florida impacted by Hurricane Irma. The Department of Housing and Urban Development announced separately that it would grant a 90-day moratorium on foreclosures and … more FHA Provides Property Inspection Waiver for Florida and Foreclosure Relief for Georgia Counties

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

Montgomery Nominated to Head FHA, Patenaude Confirmed as HUD Deputy Secretary

On Wednesday, President Donald Trump announced his intention to nominate Brian Montgomery for the position of Assistant Secretary of the Department of Housing and Urban Development, Federal Housing Commissioner. NRMLA President and CEO Peter Bell responded to the news with the following statement: “On behalf of NRMLA, I’m pleased to congratulate Brian Montgomery on his nomination to … more Montgomery Nominated to Head FHA, Patenaude Confirmed as HUD Deputy Secretary

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 contained in the Home Equity Conversion Mortgage (HECM) program final rule that published on January 19, 2017; The servicing implementation guidance issued in Mortgagee Letter 2017-11 on … more HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

Member Alert: FHA Adjusts PLFs and Mortgage Insurance Premiums

Citing its fiduciary responsibility to taxpayers and ensuring that its mortgage insurance programs remain viable and effective in the long term, the Department of Housing and Urban Development today announced changes to principal limit factors and mortgage insurance premiums with the publication of Mortgagee Letter 2017-12. Effective for case numbers assigned on or after October … more Member Alert: FHA Adjusts PLFs and Mortgage Insurance Premiums