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
Regulations
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
FHA Updates HECM Due and Payable Requirements
The Federal Housing Administration changed its requirement for mortgagees to notify a borrower’s estate and heirs that a HECM has become due and payable from within 30 days … more FHA Updates HECM Due and Payable Requirements
FHA Lenders and Mortgagees Need to Apply for Government ID
In accordance with new requirements announced by the General Services Administration (GSA), all entities engaged in or seeking to do business with the federal government, including the Federal … more FHA Lenders and Mortgagees Need to Apply for Government ID
NRMLA Submits Comments on Revised Appraisal Validity Period
On behalf of its members, NRMLA submitted comments to the Department of Housing and Urban Development that recommended recent changes to the appraisal validity period apply to HECM … more NRMLA Submits Comments on Revised Appraisal Validity Period
FHA Extends Appraisal Validity Period
The Federal Housing Administration published Mortgagee Letter (ML) 2022-11, Revised Appraisal Validity Periods., which extends the initial appraisal validity period from 120 days to 180 days and the … more FHA Extends Appraisal Validity Period
Common HECM Questions Posted to FHA’s FAQ Website
The Federal Housing Administration’s Frequently Asked Questions (FAQ) website, a great resource for HECM-related questions, has moved to a new platform that introduces improvements to the search functionality … more Common HECM Questions Posted to FHA’s FAQ Website
A Closer Look at Issues Facing the Appraisal Industry
Reverse Mortgage magazine outlined some of the issues facing the appraisal industry in its March/April 2022 edition, which can be found online at www.nrmlaonline.org/. Here is a closer … more A Closer Look at Issues Facing the Appraisal Industry
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