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
Regulations
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
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
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
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
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
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
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
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
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