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
Regulations
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
HUD Issues Temporary Partial Waivers For Assignment Claims
The Federal Housing Administration issued two temporary partial waivers to its HECM servicing policies that allow mortgagees to be more flexible in submitting assignment claims. Details were provided … more HUD Issues Temporary Partial Waivers For Assignment Claims
FHA Extends Exterior-Only Appraisals
The U.S. Department of Housing and Urban Development extended the option for exterior-only appraisals through December 31, 2020 for Traditional HECM, HECM-to-HECM Refinance, Rate and Term Refinance and … more FHA Extends Exterior-Only Appraisals
FHA Extends HECM Foreclosure Moratorium
HECM borrowers who have been impacted by COVID-19 and are facing foreclosure have been granted an extension to December 31, 2020 to request a six-month delay in having … more FHA Extends HECM Foreclosure Moratorium
FHA Announces Temporary NBS Protections
Eligible non-borrowing spouses currently have 90 days after the death of the last surviving HECM borrower to establish legal ownership or other ongoing legal right to remain in … more FHA Announces Temporary NBS Protections
FHA Issues Forbearance Guidance and HERMIT Changes
The Federal Housing Administration published Mortgagee Letter 2020-30, which provides underwriting guidelines for homeowners who were granted a mortgage forbearance due to the COVID-19 National Emergency. Additionally, ML … more FHA Issues Forbearance Guidance and HERMIT Changes
Guidance Regarding Presidentially-Declared Disaster Areas
The Federal Housing Administration this week issued FHA INFO #20-64 as a clarification to mortgagees about its guidance for originating and/or servicing FHA-insured mortgages in locations in the U.S. and … more Guidance Regarding Presidentially-Declared Disaster Areas
NRMLA Proposes Improvements to Condo Forms and Policies
With input from the HUD Issues Committee, NRMLA recommended further changes to Forms HUD-9991 and HUD-9992 and that fees charged by condominium associations for completing these forms be … more NRMLA Proposes Improvements to Condo Forms and Policies