President Trump announced this week that he will nominate current Assistant Secretary of Housing/Federal Housing Administration Commissioner Brian Montgomery to be the next Deputy Secretary of the U.S. … more President To Nominate Montgomery As Next Deputy HUD Secretary
Regulations
CFPB Issues Final HMDA Rule
Today, the Consumer Financial Protection Bureau issued a rule that extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit … more CFPB Issues Final HMDA Rule
Health of HECM Continues To Improve
In its FY2019 Q3 report to Congress on the financial state of the Mutual Mortgage Insurance Fund, the Department of Housing and Urban Development reported credit subsidy rates … more Health of HECM Continues To Improve
FHA Publishes Implementation Requirements for Condo Units
The Federal Housing Administration published Mortgagee Letter 2019-17 on September 27, which outlines the updated origination requirements for Home Equity Conversion Mortgages in condominium projects in accordance with … more FHA Publishes Implementation Requirements for Condo Units
GAO: FHA Needs to Improve Monitoring and Oversight of HECM Outcomes and Servicing
The Federal Housing Administration could do a better job evaluating the performance of its reverse mortgage program and overseeing the companies that service loans, according to a General Accountability … more GAO: FHA Needs to Improve Monitoring and Oversight of HECM Outcomes and Servicing
FHA Extends CRA and Updates MOE Policies
The U.S. Department of Housing and Urban Development published two mortgagee letters this week that impact the Home Equity Conversion Mortgage (HECM) program. Mortgagee Letter 2019-15 modifies the requirements … more FHA Extends CRA and Updates MOE Policies
NRMLA Comments On Proposed Changes to Debt Collection Law
Because there are fundamental differences between reverse mortgages and most other debt obligations, NRMLA would like to see them (and non-recourse debt obligations, generally) exempted from the Fair … more NRMLA Comments On Proposed Changes to Debt Collection Law
FHA Issues Guidance On Obtaining Single-Unit Condo Approvals
The Federal Housing Administration this week published interim guidance in Mortgagee Letter (ML) 2019-13 that provides instructions for mortgagees to obtain single-unit approval case number assignments. The supplemental … more FHA Issues Guidance On Obtaining Single-Unit Condo Approvals
FHA Brings Back Single-Unit Approvals In New Condo Rule
New condominium approval rules announced this week by the Department of Housing and Urban Development will make it easier for senior citizens to qualify for Home Equity Conversion … more FHA Brings Back Single-Unit Approvals In New Condo Rule
HUD Resolves HECM Set-Up Issues On Loans With Low Expected Rates
Loans with an expected rate of less than three percent can now be set up in HUD’s system after the proper fixes were implemented this week. HUD also … more HUD Resolves HECM Set-Up Issues On Loans With Low Expected Rates