President Initiates Regulatory Freeze

On the first day of President Trump’s term, a regulatory freeze was issued affecting government agencies, including the Department of Housing and Urban Development. On Monday, January 30, the Trump Administration went one step further, issuing an executive order that requires agencies to rescind two regulations for every one new regulation implemented. The Executive Order … more President Initiates Regulatory Freeze

HUD Publishes HECM Final Rule, but Defers on Rate Cap and H4P Proposals

By Weiner Brodsky Kider On January 19, 2017, HUD published in the Federal Register the Final HECM Rule, FHA: Strengthening the Home Equity Conversion Mortgage Program. The Final HECM Rule has an effective date of September 19, 2017, but it is unclear at this point if the new administration’s regulatory freeze memorandum, issued on January … more HUD Publishes HECM Final Rule, but Defers on Rate Cap and H4P Proposals

NRMLA Proposes HECM Loan Document Revisions

Comments were submitted to the Department of Housing and Urban Development last week recommending updates to existing HECM loan documents that take into account recent regulatory changes, such as financial assessment and non-borrowing spouse protections. Forms that NRMLA would like to see updated include: HUD Form 92800.5B-Conditional Commitment; HUD 92900A-HUD Addendum to URLA; Fannie Mae 1009; … more NRMLA Proposes HECM Loan Document Revisions

NRMLA Publishes Op-Ed Explaining Reverse Mortgage Foreclosures

In advance of today’s confirmation hearing for Treasury Secretary nominee Steven Mnuchin, The Hill newspaper, a publication widely read by policy makers and their aides, published an opinion piece by NRMLA President & CEO Peter Bell, titled “The Real Story on Trump’s Treasury Pick and Reverse Mortgages.” Bell’s column explained how reverse mortgage foreclosures are … more NRMLA Publishes Op-Ed Explaining Reverse Mortgage Foreclosures

HUD Consolidates, Clarifies Assignment Policies

The Federal Housing Administration this week consolidated existing policies used by servicers when submitting HECM assignment requests through the Home Equity Reverse Mortgage Information Technology (HERMIT) system. Reverse mortgage servicers have the option to assign loans to FHA as a Claim Type 22 when the loan balance reaches 98 percent of the maximum claim amount. … more HUD Consolidates, Clarifies Assignment Policies

New Collaboration Focuses on CA Borrowers

The HOPE NOW Alliance and ClearPoint Credit Counseling Solutions are collaborating on a one-year pilot program that assists homeowners in California who have reverse mortgage issues, concerns and questions. Five public events are being organized, beginning in March, and lasting throughout the year. “The goal is to create face-to-face interactive events where participants can gain … more New Collaboration Focuses on CA Borrowers

Confirmation Hearing of HUD Secretary Nominee Barely Mentions HECM

Dr. Ben Carson, President-Elect Trump’s nominee to lead the Department of Housing and Urban Development, testified before the Senate Banking Committee yesterday during a confirmation hearing to head the agency in the new administration. The two-and-a-half hour hearing began with opening remarks from Committee Chairman Michael Crapo (R-ID), who listed several committee priorities and added, “Another … more Confirmation Hearing of HUD Secretary Nominee Barely Mentions HECM

New Mortgagee Letter: FHA Creating Loan Review System

The Federal Housing Administration is implementing a Loan Review System that provides an electronic platform for FHA loan-level file reviews and other quality control functions for Title II Single Family mortgages. The news was announced yesterday in Mortgagee Letter 2017-03. HUD states that as system development is ongoing, the effective date will be confirmed in … more New Mortgagee Letter: FHA Creating Loan Review System

Reassessing HECM Loan Documents

In response to a 60-Day Notice of Proposed Information Collection published on November 22 by the Department of Housing and Urban Development, a working group formed by the HUD Issues Committee has started reviewing HECM loan documents and will be recommending to the Department which ones should be edited to properly take into account financial … more Reassessing HECM Loan Documents