The Federal Housing Administration has just announced that it will increase the maximum claim amount for Home Equity Conversion Mortgages in calendar year 2024 from $1,089,300 to $1,149,825 … more HECM Loan Limit Increasing to $1,149,825 in 2024
Regulations
Health of HECM Program Remains Positive In FY23
For a third consecutive year, the Home Equity Conversion Mortgage portfolio had a positive economic value. That’s according to the Department of Housing and Urban Development’s 2023 Annual … more Health of HECM Program Remains Positive In FY23
FHA Connection Updated to Accommodate ADU Processing
The enhancements to FHA Connection follow the recent publication of Mortgagee Letter 2023-17, which updated Financial Assessment guidelines to permit income from Accessory Dwelling Units to be used … more FHA Connection Updated to Accommodate ADU Processing
FHA Proposes Update to HECM Assignment Claims Eligibility
The Federal Housing Administration posted a new draft mortgagee letter to the Drafting Table that would expand the assignment eligibility criteria to include HECMs that are due and … more FHA Proposes Update to HECM Assignment Claims Eligibility
Updated HECM Handbook Has Arrived
NRMLA’s leadership, committees, and outside counsel are all carefully reviewing the HECM section of the Single-Family Housing Policy Handbook 4000.1 that the Department of Housing and Urban Development … more Updated HECM Handbook Has Arrived
HUD Proposed Rule Expands Counseling Delivery Options
The Department of Housing and Urban Development published a proposed rule in the Federal Register this week that would amend HUD’s regulations to allow housing counseling agencies to use alternative communication … more HUD Proposed Rule Expands Counseling Delivery Options
FHA Proposes Changes to HECM for Purchase Program
Today, the Federal Housing Administration announced changes to the HECM for Purchase program by expanding the list of acceptable funding sources, including premium pricing, and permitting additional interested … more FHA Proposes Changes to HECM for Purchase Program
ADU Income Can Be Used to Qualify HECM Borrowers
The Department of Housing and Urban Development updated its financial assessment guidelines to permit income from Accessory Dwelling Units (ADUs) to be used in qualifying older homeowners for … more ADU Income Can Be Used to Qualify HECM Borrowers
Ginnie Mae Updates HMBS Pooling Eligibility Requirements
To help alleviate the ongoing liquidity pressures felt by HMBS issuers, Ginnie Mae last week updated its pooling requirements to allow for multiple participations related to a particular … more Ginnie Mae Updates HMBS Pooling Eligibility Requirements
HUD Publishes Updates HECM Portion of Housing Counseling Handbook
The U.S. Department of Housing and Urban Development’s Office of Housing Counseling updated its Housing Counseling Program Handbook (Handbook 7610.1 REV-6), including the section on HECM counseling. The … more HUD Publishes Updates HECM Portion of Housing Counseling Handbook
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