Hey, Members On behalf of its members, NRMLA submitted comments to FHA on this proposed policy change that’s intended to strengthen requirements for processing and documenting reconsideration of valuation (ROV) requests. FHA says the purpose of the policy change is to improve the process when prospective borrowers applying for FHA-insured mortgages request an ROV on a property if the initial valuation is lower than expected, there is an indication of illegal bias, fair housing regulations have been violated or unlawful discrimination has been identified. FHA also proposes updated appraisal review standards intended to provide mortgagees and appraisers with clarifying guidance regarding the quality of an appraisal report and the ROV process and responsibilities. More States Adopting Master Plans for Aging We’ve all seen surveys showing that older adults would prefer to age at home or in their community rather than in assisted living facilities or other institutional settings. Experts are saying that could be difficult or impossible if states do not prepare comprehensive integrated long-term strategies and policies to help them. A January 31 article published by Next Avenue examines a growing trend among states to create master plans for aging (MPAs) that identify the entirety of state, county, local and federal policies and programs that directly or indirectly affect aging residents, including health, transportation, housing, workforce, nutrition, home and community services. By developing a master plan, state officials say they can more readily make sure these diverse programs and agencies coordinate to keep the needs of aging adults at the forefront. New York is the latest state to authorize the creation of an MPA, while California, Colorado, Texas, Minnesota and Massachusetts have fully developed and started implementing plans. Vermont is developing a plan but has not yet rolled it out. In addition to New York, Oregon, Washington state, Hawaii, Michigan, Illinois, Florida, New Jersey, Connecticut, Maine and the District of Columbia are in the early stages of strategizing and developing ideas. You can read the article at http://bit.ly/3E3KLjB. Submit Your Questions or Comments I’d also like to use this column to respond to questions you may have about NRMLA, the CRMP designation or anything that’s on your mind. Send your questions or comments to dhicks@dworbell.com. Hey, Members continued from page 9 10 REVERSE MORTGAGE / MAY–JUNE 2023
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