The following section lists the primary regulations pertaining to the FHA’s Home Equity Conversion Mortgage Program, used by compliance, underwriting and servicing staff.
If a borrower uses water from a well on the property instead of public water, then tests must be conducted to make sure that the well water is fit for drinking.
In response to questions raised by NRMLA and its members, the Federal Housing Administration published a list of Frequently Asked Questions to help clarify its new collateral risk … more FHA Publishes FAQ For HECM Collateral Assessment Policies
A new final rule (Docket No. FR-5457-F-02) from the Federal Housing Administration streamlines inspection requirements for FHA single-family mortgage insurance by eliminating the FHA Inspector Roster. According to … more FHA Eliminates Inspector Roster
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 … more PACE Liens Now Considered a Mandatory Obligation
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HUD’s Office of the Inspector General issued an “Integrity Bulletin” today warning reverse mortgage lenders that they have identified instances of fraudulent appraisals being used to increase HECM … more Member Alert: HUD’s Inspector General Publishes Alert On HECM Refinancings
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.
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.
As is the case with forward mortgages, a reverse mortgage lender must order title insurance to complete the transaction. Title insurance protects the lender (lender’s policy) or the … more How Lenders and Title Companies Can Work Together to Ensure a Smooth Transaction