The Federal Housing Administration this week published interim guidance in Mortgagee Letter (ML) 2019-13 that provides instructions for mortgagees to obtain single-unit approval case number assignments. The supplemental … more FHA Issues Guidance On Obtaining Single-Unit Condo Approvals
Regulations
FHA Brings Back Single-Unit Approvals In New Condo Rule
New condominium approval rules announced this week by the Department of Housing and Urban Development will make it easier for senior citizens to qualify for Home Equity Conversion … more FHA Brings Back Single-Unit Approvals In New Condo Rule
HUD Resolves HECM Set-Up Issues On Loans With Low Expected Rates
Loans with an expected rate of less than three percent can now be set up in HUD’s system after the proper fixes were implemented this week. HUD also … more HUD Resolves HECM Set-Up Issues On Loans With Low Expected Rates
FHA Updates SF Handbook 4000.1
This week, the Federal Housing Administration updated its Single Family Housing Policy Handbook 4000.1 with new policy guidance, clarifications, corrections and changes to SF Handbook Section I (Doing Business with … more FHA Updates SF Handbook 4000.1
NRMLA Suggests Improvements to Defect Taxonomy and Form 92900-A
NRMLA submitted two letters to the Department of Housing and Urban Development this past week that recommended adding HECM-specific improvements to FHA’s Defect Taxonomy and Addendum to the … more NRMLA Suggests Improvements to Defect Taxonomy and Form 92900-A
FHA Commissioner: 40 Percent of Counseled Seniors Get a HECM
During a public event this week commemorating National Homeownership Month and the 50th anniversary of the Department of Housing and Urban Development’s counseling programs, Acting Deputy Secretary/Federal Housing Administration … more FHA Commissioner: 40 Percent of Counseled Seniors Get a HECM
Financial Assessment Is Working (Part V)
Financial Assessment is still working. Now in its fifth year, FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax … more Financial Assessment Is Working (Part V)
Retirement Experts Proposed These Changes to Improve HECM
As Americans grapple over where to live as they grow older, a recent meeting of aging and retirement experts hosted by the Urban Institute, a Washington, DC-based think … more Retirement Experts Proposed These Changes to Improve HECM
Key HECM Regulations and Resource Materials
The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
Urban Institute Advocates Servicing Reforms to Improve HECM
If HUD accepted assignments of HECM loans but allowed servicing to be retained by the current servicers, the health of the Mutual Mortgage Insurance Fund would improve without … more Urban Institute Advocates Servicing Reforms to Improve HECM