In response to member inquiries, NRMLA’s General Counsel has prepared a short memorandum that summarizes and explains current applicable rules affecting the ordering and provisions of appraisals.
The reverse mortgage capital markets experienced another important milestone as Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 1999-RM1 became the second securitization trust of such loans to pay off completely.
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’s legislature recently enacted House Bill 807, which requires mortgage servicers (including reverse mortgage servicers) to become licensed.
Senators Barbara Boxer and Charles Schumer submitted a letter to Housing Secretary Shaun Donovan expressing concerns that servicers are unfairly foreclosing on the heirs of reverse mortgage borrowers.
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.
HUD issued new guidelines to protect non-borrowing spouses by allowing them to continue living in their homes after the mortgagor passes away, but only for new case numbers on or after August 4.
An article in the March issue of the Journal of Financial Planning provides the best argument yet for why retirees should consider using their home equity as a retirement planning tool.
HUD completed modifications to the HERMIT platform to accommodate new premium structures and initial disbursement limits implemented last September.
The CFPB announced it was taking preliminary steps to expand the types of loan data that financial institutions must report under the Home Mortgage Disclosure Act.