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Home » Industry News & Reference » Regulations

Regulations

FHA Connection Updated to Collect Expanded HMDA Data

FHA Connection Updated to Collect Expanded HMDA Data

The Federal Housing Administration published FHA Info #2021-02 to announce that FHA Connection will be updated to capture expanded borrower demographic information that aligns with Home Mortgage Disclosure … more FHA Connection Updated to Collect Expanded HMDA Data

Posted on 01/15/2021 Categories HUD

HUD Revises Loan Level Certification Form

HUD Revises Loan Level Certification Form

The Federal Housing Administration announced the completion of its revised and streamlined loan-level certification form required from lenders when originating FHA-insured forward mortgages and reverse mortgages. Details were … more HUD Revises Loan Level Certification Form

Posted on 12/22/2020 Categories HUD

FHA Extends Foreclosure Moratorium and Exterior-Only Appraisals

FHA Extends Foreclosure Moratorium and Exterior-Only Appraisals

Today, the Federal Housing Administration published multiple mortgagee letters that extend a foreclosure and eviction moratorium and other COVID-19 protections for forward mortgage borrowers and reverse mortgage borrowers … more FHA Extends Foreclosure Moratorium and Exterior-Only Appraisals

Posted on 12/21/2020 Categories HUD, Loan Servicing

Forward Mortgage Does Not Subsidize Reverse Mortgage

Forward Mortgage Does Not Subsidize Reverse Mortgage

This blog began in 2009 with an entry entitled “The Trouble with HECM.” What was the Trouble we predicted? Is FHA’s Home Equity Conversion Mortgage (“HECM”) reverse mortgage … more Forward Mortgage Does Not Subsidize Reverse Mortgage

Posted on 12/09/2020 Categories HUD

NRMLA: Targeted Advertising Should Not Be a Fair Lending Violation

NRMLA: Targeted Advertising Should Not Be a Fair Lending Violation

In comments submitted to the Consumer Financial Protection Bureau this week, NRMLA encouraged the Bureau to clarify that age-targeted advertising is not a fair lending violation under the … more NRMLA: Targeted Advertising Should Not Be a Fair Lending Violation

Posted on 12/04/2020 Categories HUD, Marketing / Origination

FHA Announces 2021 HECM Loan Limit

FHA Announces 2021 HECM Loan Limit

The U.S. Department of Housing and Urban Development will increase the maximum loan limit for Home Equity Conversion Mortgages from its current level of $765,600 to $822,375 effective … more FHA Announces 2021 HECM Loan Limit

Posted on 12/02/2020 Categories HUD, Processing / Underwriting

FHA Extends Guidance For Verifying Self-Employment and Rental Income

FHA Extends Guidance For Verifying Self-Employment and Rental Income

The Federal Housing Administration extended through December 31 COVID-19 policies for verifying self-employment and rental income.  Details were provided in Mortgagee Letter 2020-40 and impact both FHA forward … more FHA Extends Guidance For Verifying Self-Employment and Rental Income

Posted on 11/25/2020 Categories HUD, Processing / Underwriting

FHA Annual Report: Economic Value of HECM Improves By $5.4 Billion

FHA Annual Report: Economic Value of HECM Improves By $5.4 Billion

The financial health of the Home Equity Conversion Mortgage portfolio improved dramatically over the past year, ending Fiscal Year 2020 with a negative stand-alone capital ratio of negative … more FHA Annual Report: Economic Value of HECM Improves By $5.4 Billion

Posted on 11/20/2020 Categories HUD

NRMLA Proposes Improvements to HECM Loan Docs

NRMLA Proposes Improvements to HECM Loan Docs

With input from the HUD Issues Committee, NRMLA submitted comments to the Department of Housing and Urban Development this week that recommended the FNMA-1009 be replaced by the … more NRMLA Proposes Improvements to HECM Loan Docs

Posted on 11/20/2020 Categories HUD, Processing / Underwriting

Research Confirms HECM Reforms Have Reduced T&I Defaults

Research Confirms HECM Reforms Have Reduced T&I Defaults

An analysis of HECM data confirms that Financial Assessment and upfront draw restrictions are having the desired effect of reducing tax and insurance defaults. That’s according to a … more Research Confirms HECM Reforms Have Reduced T&I Defaults

Posted on 11/20/2020 Categories HUD, Loan Servicing

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