NRMLA has made available the following exclusive video webinar involving senior management from NRMLA and HUD for members to learn how the new housing law directly impacts the HECM program and what the implementation deadline looks like.

In response to the email we sent out the other day regarding the forthcoming implementation of the new HECM loan limits, we received a number of questions and forwarded them to HUD.

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

As NRMLA has previously reported, last week FHA Commissioner Brian Montgomery announced the new single national loan limit for HECMs will be $417,000. We are continually getting more insight into implementation of this change and will report to you as information becomes available.

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

This morning, FHA Commissioner Brian Montgomery announced that the new HECM nationwide loan limit (maximum claim amount) will be $417,000. The target effective date is November 1.

The National Reverse Mortgage Lenders Association announced today that the Department of Housing and Urban Development (HUD) approved a single national loan limit of $417,000 for federally insured Home Equity Conversion Mortgage (HECM) reverse mortgages.

FHA endorsed 9,494 reverse mortgages in September, bringing the total amount for fiscal year 2008 to a record 112,154. By comparison, FHA insured 7,695 loans in September 2007 totaling a then-record 107,558.

Our next scheduled program-Educating Your Client on Post Closing Issues-is scheduled for Tuesday, September 9, at 12 noon Eastern Time (11 a.m. Central, 10 a.m. Mountain, 9 a.m. Pacific).

NRMLA continues to be engaged with the Department of Housing and Urban Development and industry stakeholders in the interpretation and implementation of H.R. 3221 Housing and Economic recover Act (HERA).

HUD published Mortgagee Letter 2008-24—Requirements on Mortgage Originators, which clarifies who is eligible to originate HECMs and discusses the cross sell provisions contained in the Housing and Economic Recovery Act of 2008 (HERA).

Below is data provided by HUD that includes loan endorsements by state from 1990 to the present, interest rate and borrower statistics.

We want to alert members that FHA plans to issue guidance to the counseling agencies regarding client payment for counseling.

HUD published a final rule in today's Federal Register that gives existing HECM borrowers in default the ability to pay a reduced MIP if they refinance.

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.