The Federal Housing Administration has just announced new protections for eligible non-borrowing spouses, including for cases where a HECM borrower has resided in a healthcare facility for more … more FHA Expands Protections for Eligible NBS
Regulations
NRMLA Submits Servicing and LIBOR Transition Comments to HUD
NRMLA submitted two sets of comments to the Department of Housing and Urban Development this week, one letter confirming that certain HUD forms once used by servicers are … more NRMLA Submits Servicing and LIBOR Transition Comments to HUD
CFPB Rescinds COVID Supervisory Policy Statements
Since most financial institutions have overcome workplace and customer service challenges initially created by COVID-19, the Consumer Financial Protection Bureau announced it would begin exercising its full supervisory … more CFPB Rescinds COVID Supervisory Policy Statements
FHA Projects Solid Performance for FY21 HECMs
In its quarterly report to Congress on the status of the Mutual Mortgage Insurance Fund, the Federal Housing Administration forecasted Home Equity Conversion Mortgages endorsed this year to … more FHA Projects Solid Performance for FY21 HECMs
CFPB: Reverse Mortgage Complaints Less Than One Percent
Out of 29,400 mortgage-related complaints submitted to the Consumer Financial Protection Bureau last year, only 200 (or less than one percent) focused on reverse mortgages, according to the … more CFPB: Reverse Mortgage Complaints Less Than One Percent
COVID Relief Bill Includes Funding to Help Delinquent Borrowers
The $1.9 trillion American Rescue Plan that President Biden signed last week contributes just under $10 billion to the Homeowners Assistance Fund that states will use to assist … more COVID Relief Bill Includes Funding to Help Delinquent Borrowers
FHA Makes Major Revisions to Condo Approval Forms
The Federal Housing Administration this week updated the questionnaire forms that lenders use to obtain condominium single-unit and project approvals. Details of the changes to HUD Forms … more FHA Makes Major Revisions to Condo Approval Forms
Senate Approves Fudge As Housing Secretary
By a vote of 66 to 34, the Senate confirmed Marcia Fudge as the next Secretary of Housing and Urban Development, making her the first African-American woman to … more Senate Approves Fudge As Housing Secretary
HUD Updates Interest Rate Policies for New HECM ARMs
Today, the Federal Housing Administration published Mortgagee Letter (ML) 2021-08, which paves the way for the removal of the London Interbank Offered Rate (LIBOR) index and replaces it … more HUD Updates Interest Rate Policies for New HECM ARMs
ARRC Confirms Longer Wind-Down Time Frame For Legacy Contracts
The UK Financial Conduct Authority, which regulates the London Interbank Offered Rate (LIBOR), will cease publication of the one-week and two-month LIBOR indices after December 31, 2021 and … more ARRC Confirms Longer Wind-Down Time Frame For Legacy Contracts