In this section, you will find information on HECM claims activity.

Following is a more detailed analysis of the monthly HECM data published by HUD prepared by Reverse Market Insight.

HECM endorsements in December totaled 9,761 loans (or 27,653 for the current fiscal year), compared to 8,007 a year ago in December (or 24,686 for the last fiscal year).

NRMLA has developed several information booklets for consumers that members can purchase at a discount to distribute to prospective clients. We recently reduced the pricing for our consumer booklet series for orders under 1000.

HUD published a new mortgagee letter which imposes new requirements on appraisers who want to remain on the official FHA Appraiser Roster.

The Winter 2008 issue of the FDIC's newsletter, Supervisory Insights, features an article titled "Reverse Mortgages: What Consumers and Lenders Should Know."

As part of our ongoing conversations with HUD, we want to alert you to a few new developments. HUD is indicating that new Mortgagee Letters (ML) regarding the HECM program are expected to be released soon.

HUD published Mortgagee Letter 2008-38, which clarifies the definition of non-recourse and defines an “arms-length” transaction when the property is sold.

The American Association of Residential Mortgage Regulators and the Conference of State Bank Supervisors released a comprehensive set of examination guidelines designed specifically for reviewing the business practices and operations of lenders and brokers selling reverse mortgage loans to seniors.

HUD created special Q&A pages for lenders to obtain additional information about HECM for Purchase and the new lending limits.

HUD formally adopted a new single national loan limit of $417,000 for federally insured reverse mortgages and lowered the fees that lenders can charge.

This afternoon, HUD published Mortgagee Letters implementing the new HECM loan limit and fee structure.

HUD distributed the following email thru its counseling network.