NRMLA is disseminating the following notice to members as a reminder of the counseling safeguards that HECM counselors and lenders must follow when meeting with prospective clients.
In an email sent to HECM Counselors, HUD clarified the meaning of non-recourse and promised to update the HECM Counseling Protocol in Handbook 7610.1.
HUD sent a similar notice this week to all mortgagees advising them not to steer clients, participate in counseling sessions, or inappropriately prep clients in advance of counseling.
If you or your clients encounter inappropriate behavior from HECM counselors, NRMLA wants to hear about it.
The FTC issued a comprehensive new advertising and recordkeeping regulation with the potential to greatly affect the mortgage origination and servicing industry, as well as the greater real estate industry that provides complementary services to the mortgage industry.
Following is a question submitted by one of our members on proper disclosure of the service fee set-aside. The answer was provided by Dan Mooney, head underwriter at HUD’s Santa Ana Homeownership Center, in Santa Ana, CA.
Recently, a NRMLA member asked whether FHA will insure reverse mortgages made on homes located on tribal lands. The following answer was provided by Daniel Mooney, a senior underwriter at HUD’s Santa Ana Homeownership Center, in Santa Ana, CA.
The following article written by title insurance executive Chris McLucas examines common issues that a title company should be prepared to handle in completing a reverse mortgage transaction.
Following is an article that explains some of the issues you need to be aware of when working with a client who lives in a manufactured home.
In states like Florida and California with large senior populations, an increasing number of elderly homeowners are placing all or most of their assets—including their home—into a trust for tax and estate planning purposes.