Financial Assessment is still working. FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared 3 months and 6 months ago. FHA’s objective for … more Financial Assessment Is Working (Part III)
Regulations
NRMLA Recommends Changes to HECM Loan Docs
Comments submitted by NRMLA to the Department of Housing and Urban Development this week recommended that the HUD 92900-A form be eliminated and other existing HECM loan documents updated to account for recent regulatory changes, such as financial assessment and non-borrowing spouse protections. “As a practical matter, the HUD 92900-A is a largely unusable HECM … more NRMLA Recommends Changes to HECM Loan Docs
NRMLA Supports HMDA Threshold ProposalMembers Only
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HUD Secretary Focuses on HECM in Keynote Speech
Speaking before LeadingAge Florida, one of the state’s oldest and largest senior advocacy groups this week, Housing Secretary Ben Carson underscored his commitment to supporting HUD programs, such as the Home Equity Conversion Mortgage, that promote healthy living and financial independence. He acknowledged the growing popularity of reverse mortgages but also the challenges caused by … more HUD Secretary Focuses on HECM in Keynote Speech
CFPB Updates HMDA Loan Scenarios Guide
The Consumer Financial Protection Bureau posted an updated version of its HMDA Loan Scenarios guide that financial institutions can use as an illustrative aid to help them file Home Mortgage Disclosure Act (HMDA) data. Last week, the CFPB updated its Resources for HMDA Filers webpage by posting new versions of the Technology Preview, Filing Instructions Guide for data … more CFPB Updates HMDA Loan Scenarios Guide
New CFPB Resources for HMDA Filers
The Consumer Financial Protection Bureau this week updated its resources page for financial institutions that must file Home Mortgage Disclosure Act (HMDA) data. Modifications have been made to the Technology Preview, Filing Instructions Guide for data collected in 2017, Filing Instructions Guide for data collected in or after 2018, and Frequently Asked Questions (FAQs). These materials are also accessible from the Federal Financial … more New CFPB Resources for HMDA Filers
Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal
FHA Info #17-27 was published this week as a reminder to mortgagees and appraisers that they must have and maintain a valid user ID for FHA Connection (FHAC) to access the Electronic Appraisal Delivery portal. Individuals who have not signed on to FHAC for 90 days lose their user ID and must be reinstated by … more Resolving Common Challenges When Using the Electronic Appraisal Delivery Portal
NRMLA Makes Recommendations To Reduce Regulatory BurdensMembers Only
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NRMLA Seeks Reverse Mortgage Clarifications in HMDA RuleMembers Only
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Administration’s Budget Praises HECM and Proposes End to Cap
Recognizing the significant improvements that have been made to the HECM program that reduce risk to the MMI Fund and ensure responsible lending to aging homeowners, President Trump published a proposed Fiscal Year 2018 budget this week that would permanently remove the cap on the aggregate number of reverse mortgages that FHA can insure. The … more Administration’s Budget Praises HECM and Proposes End to Cap