Reference Section

Financial Assessment Is Working (Part III)

Financial Assessment is still working. FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared 3 months and 6 months ago. FHA’s objective for … more Financial Assessment Is Working (Part III)

HMBS Shrinkage Takes Summer Vacation; Issuer Beach Getting Crowded

The HMBS market grew in July, featuring a new issuer and lower prepayments. HMBS prepayments fell below $1 billion as thirteen issuers created 109 pools in July totaling over $848 million. Longbridge Financial made its HMBS issuance debut with two pools totaling $54 million. July issuance divided into 46 original pools and 63 tail pools. … more HMBS Shrinkage Takes Summer Vacation; Issuer Beach Getting Crowded

Next HOPE NOW Event in California Scheduled for September 16

The HOPE NOW Alliance will conduct its fourth educational seminar this year in Southern California for reverse mortgage borrowers and their families on September 16 at the West Covina Senior Center, located near downtown Los Angeles. The HOPE NOW Alliance is partnering with ClearPoint Credit Counseling Solutions in 2017 to conduct five reverse mortgage assistance events in California. The … more Next HOPE NOW Event in California Scheduled for September 16

Interactive Tool Helps Consumers Avoid Retirement Planning Mistakes

The Center for Retirement Research at Boston College unveiled a new interactive program, called Curious Behaviors That Can Ruin Your Retirement, that helps consumers avoid certain behaviors that could impede their retirement planning. A host leads users through exercises designed to create an “Aha!” moment as they relate to the behaviors. The host then explains … more Interactive Tool Helps Consumers Avoid Retirement Planning Mistakes

NRMLA Recommends Changes to HECM Loan Docs

Comments submitted by NRMLA to the Department of Housing and Urban Development this week recommended that the HUD 92900-A form be eliminated and other existing HECM loan documents updated to account for recent regulatory changes, such as financial assessment and non-borrowing spouse protections. “As a practical matter, the HUD 92900-A is a largely unusable HECM … more NRMLA Recommends Changes to HECM Loan Docs

Financial Help for Delinquent HECM Borrowers

The Federal Housing Administration and reverse mortgage servicers have done a remarkable job helping HECM borrowers who have fallen behind on paying property taxes, homeowners insurance or condo fees bring their loans current. In addition to FHA’s loss mitigation tools, an increasing number of states have allocated federal “hardest hit funds” to help reverse mortgage … more Financial Help for Delinquent HECM Borrowers