The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
Effective for case numbers assigned on or after January 6, 2018, properties encumbered by a PACE obligation can be paid off using HECM proceeds. “Clarification is provided to identify PACE obligations as Mandatory Obligations that must be paid off at closing, and may be paid off using HECM proceeds,” according to Mortgagee Letter 2017-18. In … more PACE Liens Now Considered a Mandatory Obligation
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This free toolkit for real estate agents from the National Reverse Mortgage Lenders Association explains how senior homebuyers can use a reverse mortgage to finance the purchase of a new home with the Home Equity Conversion Mortgage for Purchase program. The toolkit describes the benefit of using HECM for Purchase and outlines the HECM for Purchase … more Using a Reverse Mortgage to Buy a Home: A Toolkit for Real Estate Agents
The Consumer Services Division of the Washington State Department of Financial Institutions (DFI) has charged a reverse mortgage lender with false, deceptive and misleading advertising practices. The Statement of Charges seeks a final order requiring the company to cease and desist from engaging in false advertising practices, pay a $300,000 fine, and pay an investigative … more Be Careful With Your Marketing
Reverse mortgage professionals will soon be able to complete annual National Mortgage Licensing System (NMLS) continuing education requirements online with industry-specific courses led by live instructors via webinar. NRMLA is partnering with web-based education platform LoanOfficerSchool.com to offer its members convenient access to a curriculum developed by subject matter experts and approved to meet loan … more Online Reverse Mortgage CEs Begin Oct. 19 – Including Ethics!
The California Department of Business Oversight (DBO) recently issued an Interpretative Letter regarding the cooling off period for reverse mortgage application processing as governed under the California Civil Code. In the Interpretative Letter, the DBO provides guidance regarding whether a lender may take a reverse mortgage loan application prior to the expiration of the seven-day … more Guidance on California’s “Cooling Off” Period
A new advertorial from NRMLA, “Today’s Reverse Mortgages: Flexible, With a Lot of Built-in Protection” will appear in the October 2017 issue of Kiplinger’s Personal Finance magazine, a publication that reaches nearly 1.7 million readers including 600,000 subscribers. In the article, NRMLA President and CEO Peter Bell responds to six questions that consumers commonly ask … more NRMLA Answers Top Reverse Mortgage Questions in Kiplinger’s
LexisNexis Risk Solutions and NRMLA are proud to offer NRMLA companies an exclusive discounted subscription to the LexisNexis suite of risk solutions including the Mortgage Industry Data Exchange (MIDEX), the leading industry-contributed repository used for verifying, credentialing and monitoring professionals and companies. We encourage NRMLA member companies to subscribe to MIDEX and use it to … more LexisNexis Subscription Discounts Now Available
NRMLA has developed the following Member Logo that you can use on your business cards, web site, and other marketing materials.