The Federal Housing Administration updated its Housing Policy Handbook 4000.1 this week and while most of the changes only impact FHA’s forward mortgage program, there are a few … more FHA Publishes Updates to Housing Policy Handbook 4000.1
Regulations
HUD Establishes COVID-19 HECM Property Charge Repayment Plan
The Department of Housing and Urban Development established a new repayment plan option for HECM borrowers who continue to suffer financially from the impacts of the COVID-19 pandemic … more HUD Establishes COVID-19 HECM Property Charge Repayment Plan
FHA Extends HECM Loss Mitigation Waivers
To continue assisting HECM borrowers financially impacted by the COVID-19 pandemic, the Federal Housing Administration extended two partial waivers connected to its HECM loss mitigation policies through December … more FHA Extends HECM Loss Mitigation Waivers
HECM Loan Limit Increase to $1,089,300 in 2023
The Federal Housing Administration announced that it will increase the maximum claim amount for Home Equity Conversion Mortgages in calendar year 2023 from $970,800 to $1,089,300 effective for … more HECM Loan Limit Increase to $1,089,300 in 2023
FHA Rescinds the Mandatory Use Date for FHA Catalyst’s Electronic Appraisal Delivery Module
The Federal Housing Administration rescinded the mandatory use date for mortgagees to submit appraisals for single family Title II forward and reverse mortgage endorsements through the FHA Catalyst: … more FHA Rescinds the Mandatory Use Date for FHA Catalyst’s Electronic Appraisal Delivery Module
Final Rule Allows HECM Borrowers to Purchase Private Flood Insurance
The Department of Housing and Urban Development published a final rule today that gives homeowners who are applying for a government-insured loan, including a Home Equity Conversion Mortgage, on … more Final Rule Allows HECM Borrowers to Purchase Private Flood Insurance
Health of HECM Program Improves in FY2022
Buoyed by strong home price appreciation, the financial health of the Home Equity Conversion Mortgage portfolio dramatically improved in fiscal year 2022, ending September 30 with stand-alone capital … more Health of HECM Program Improves in FY2022
HUD Publishes Proposed Rule on LIBOR Transition
The U.S. Department of Housing and Urban Development published a proposed rule this week that would replace the London Interbank Offered Rate (LIBOR) with the Secured Overnight Financing Rate … more HUD Publishes Proposed Rule on LIBOR Transition
Helping Your Clients After a Natural Disaster
If you have clients in Puerto Rico or Florida, please consider sharing the Consumer Financial Protection Bureau’s consumer guide, Your Reverse Mortgage After a Natural Disaster. The resource guide … more Helping Your Clients After a Natural Disaster
HUD Announces $15 Million to Help Older Americans Age in Place
The U.S. Department of Housing and Urban Development will distribute an additional $15 million through its Older Adult Home Modification Program (OAHMP) to local non-profit organizations and state and local … more HUD Announces $15 Million to Help Older Americans Age in Place
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