The Federal Housing Administration created temporary workarounds in FHA Connection that allows Mortgagees to complete the Financial Assessment Update screen on HECMs with negative residual income, and in … more FHA Addresses Issues With FHA Connection, HECM Calculator Software
In a televised interview last weekend, Housing Secretary Julian Castro said same-sex couples who live in states that previously did not recognize gay marriage can now take advantage … more Historic Marriage Ruling
As part of its ongoing efforts to improve loan quality and expand access to credit, the Federal Housing Administration published the Single Family Loan Quality Assessment Methodology or … more FHA Unveils Loan “Defect Taxonomy”
On June 12, 2015, HUD released Mortgage Letter 2015-15, which amends regulations for HECMs with FHA Case Numbers assigned prior to August 4, 2014, to provide a revised … more HUD Reverses Course/Helps More Non-Borrowing Spouses
For two years, the reverse mortgage industry has prepared itself for financial assessment. Four days from now, on Monday, April 27, FA becomes a reality. NRMLA extends its … more Financial Assessment Resource Materials
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FHA will require all mortgagees, including reverse mortgage lenders, to deliver appraisals through an Electronic Appraisal Delivery (EAD) portal for loans with case numbers assigned on or after … more FHA Unveils Electronic Appraisal Delivery
The Federal Housing Administration last week established a monthly growth rate for Life Expectancy Set-Asides and clarified a discrepancy between the HECM Financial Assessment and Property Charge Guide … more FHA Establishes LESA Growth Rate
FHA has released new model loan documents that incorporate non-borrowing spouse and financial assessment changes.
A new term has entered the reverse mortgage vocabulary: Ineligible Non-Borrowing Spouse.