The Federal Housing Administration will increase the maximum claim amount for Home Equity Conversion Mortgages in calendar year 2022 from $822,375 to $970,800 effective for case numbers assigned … more HECM Loan Limit Increased to $970,800 in 2022
Regulations
FHA Updates Appraisal Guidelines to Reduce Racial Bias
The Federal Housing Administration published Mortgagee Letter (ML) 21-27 to reinforce the agency’s commitment to preventing racial bias in the valuation of single family properties. The ML clarifies FHA’s … more FHA Updates Appraisal Guidelines to Reduce Racial Bias
FHA Annual Report: Economic Value of HECM Portfolio Improves By $4.3B
The Home Equity Conversion Mortgage portfolio saw a significant improvement in its net present value over the past year and is now positive for the first time since … more FHA Annual Report: Economic Value of HECM Portfolio Improves By $4.3B
HUD Extends HECM Handbook Comment Period
Today, the Federal Housing Administration extended the review and feedback period for the draft HECM Handbook through December 31, 2021. The draft sections were posted for feedback on … more HUD Extends HECM Handbook Comment Period
CFPB Issues Joint Statement on Discontinuing LIBOR
The Consumer Financial Protection Bureau joined four other federal financial regulatory agencies and state bank and credit union regulators in issuing a statement highlighting the risks posed by … more CFPB Issues Joint Statement on Discontinuing LIBOR
NRMLA Vetting Draft HECM Handbook
Several working groups have been formed and are busily convening and discussing the draft HECM Handbook that the Department of Housing and Urban Development released late last month. … more NRMLA Vetting Draft HECM Handbook
HUD Seeks Industry Feedback on LIBOR Transition
On October 5, 2021, the Department of Housing and Urban Development published an advance notice of proposed rulemaking in the Federal Register (FR), Adjustable Rate Mortgages: Transitioning from … more HUD Seeks Industry Feedback on LIBOR Transition
FHA Provides More Relief for HECM Borrowers
To assist homeowners who are still struggling to meet the requirements of their Home Equity Conversion Mortgage, the Federal Housing Administration is providing up to 12 months of … more FHA Provides More Relief for HECM Borrowers
HECM Handbook Posted to Drafting Table
The Federal Housing Administration posted the draft Home Equity Conversion Mortgage (HECM) Origination through Servicing sections of its Single Family Housing Policy Handbook 4000.1 (Handbook 4000.1) for stakeholder … more HECM Handbook Posted to Drafting Table
Important HECM News From HUD
The Department of Housing and Urban Development made several important announcements this week that impact the Home Equity Conversion Mortgage program. Here are the highlights: HUD published a … more Important HECM News From HUD