The Illinois Housing Development Authority (IHDA) launched the Reverse Mortgage Assistance Program last week to help HECM borrowers in the Prairie State who are in technical default for … more Helping Delinquent HECM Borrowers in IL and CA
HUD
Changes Made to CHUMS
This morning, the Department of Housing and Urban Development made the following changes to its Computerized Home Underwriting Management System (CHUMS): CMCR-F17-2017-00020-Modified the HECM Financial Assessment Update screen … more Changes Made to CHUMS
FHA’s Loan Review System to Go Live on May 15
The Federal Housing Administration announced today in Mortgagee Letter 2017-08 that the implementation date for its Loan Review System will be May 15, 2017. LRS will be used … more FHA’s Loan Review System to Go Live on May 15
Carson Confirmed as Next HUD Secretary
By a vote of 58 to 41, the Senate confirmed retired neurosurgeon and former Republican presidential candidate Dr. Ben Carson as the next Secretary of Housing and Urban … more Carson Confirmed as Next HUD Secretary
Financial Assessment Works
Financial Assessment is working. FHA’s new policy of requiring financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by two-thirds and serious … more Financial Assessment Works
Webcast Video: Using a Reverse Mortgage to Buy a Home
Last week’s webcast on HECM for Purchase coordinated by NRMLA, and hosted by the National Association of REALTORS®, can be downloaded and shared with your Realtor friends. NRMLA … more Webcast Video: Using a Reverse Mortgage to Buy a Home
NRMLA Submits Comments on Form HUD-92800.5B
In response to a 60-Day Notice of Proposed Information Collection published on December 20 by the Department of Housing and Urban Development, NRMLA submitted comments this week on … more NRMLA Submits Comments on Form HUD-92800.5B
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, … 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 … 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 … more NRMLA Proposes HECM Loan Document Revisions