Starting April 1, HMBS issuers must document Eligible Non-Borrowing Spouses and property charge set-asides at the time of pooling, according to All Participants Memorandum 15-01.
A new term has entered the reverse mortgage vocabulary: Ineligible Non-Borrowing Spouse.
The U.S. Department of Housing and Urban Development today issued new guidelines on non-borrowing spouses and procedures for documenting existing non-HECM liens.
HMBS issuers sold $6.6 billion in new pools during 2014, down 31% from 2013. 2014 was the lowest full year of issuance since 2008, when HMBS was a fledgling program that had yet to be adopted by most market participants.
The Massachusetts legislature this week failed to restore a two-year delay for mandatory face-to-face counseling.
NRMLA submitted comments to federal regulators requesting an exemption for reverse mortgages from a proposed regulation that establishes new flood insurance escrows for “forward” mortgages.
HREMIC issuance ended 2014 at $5.05 billion, with 25 transactions underwritten by 5 different sponsors.
A new study published by Interest.com shows retirees in all but one state (NV) have not saved recommended threshold of 70% of their pre-retirement income
In its 2014 Annual Report to Congress on the Financial Status of the FHA Mutual Mortgage Insurance Fund, HUD reported an impressive two-year gain of $21 billion dollars from a 2013 negative value of $16.3 billion to a 2014 positive value of $4.8 billion.
On September 18, the Supreme Court of Nevada held that Nevada law gives a homeowners’ association (“HOA”) a super-priority lien on an individual homeowner’s property for up to nine months of unpaid HOA dues.