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, which impacts all HECMs that become due and payable on or after July 1, 2015, provides consolidated policy guidance on: How and when a HECM is considered … more HUD Updates Servicing Guidelines

Financial Assessment Resource Materials

For two years, the reverse mortgage industry has prepared itself for financial assessment. Four days from now, on Monday, April 27, FA becomes a reality. NRMLA extends its appreciation to HUD for the considerable amount of time and resources spent educating loan originators, counselors, processors, underwriters and others about the new guidelines. As a ready … more Financial Assessment Resource Materials

FHA Unveils Electronic Appraisal Delivery

FHA will require all mortgagees, including reverse mortgage lenders, to deliver appraisals through an Electronic Appraisal Delivery (EAD) portal for loans with case numbers assigned on or after June 27, 2016. The web-based platform was designed, and is being hosted, by the same technology provider that built the Uniform Collateral Data Portal, the electronic appraisal … more FHA Unveils Electronic Appraisal Delivery

Utah Enacts Reverse Mortgage Legislation

The Utah state legislature recently passed the Utah Reverse Mortgage Act, which was signed into law on March 27 by Governor Gary Herbert. The bill, S.B. 120, includes a definition of reverse mortgage, requires disclosures, limits fees and requires borrowers to go through independent counseling before applying for a reverse mortgage, among other provisions. S.B. … more Utah Enacts Reverse Mortgage Legislation

FHA Establishes LESA Growth Rate

The Federal Housing Administration last week established a monthly growth rate for Life Expectancy Set-Asides and clarified a discrepancy between the HECM Financial Assessment and Property Charge Guide and the model HECM Financial Assessment Worksheet. The requirements defined in Mortgagee Letter 2015-09 are effective for all HECM case numbers assigned on or after April 27, … more FHA Establishes LESA Growth Rate