With the $625,500 loan limit still in effect for the balance of 2009, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-21 to clarify existing guidelines in anticipation that a certain percentage of borrowers will refinance their reverse mortgages.

NRMLA President Peter Bell testified at a field hearing in St. Louis yesterday hosted by U.S. Senator Claire McCaskill (D-MO) on behalf of the Special Committee on Aging to discuss regulations in the reverse mortgage program.

Compliance requirements for reverse mortgages are fast stacking up on lenders as a new set of rules for the product are being embraced by states nationwide.

GAO published a report today recommending that federal regulators tighten oversight of potentionally misleading advertising of reverse mortgages and that HUD improve its oversight of HECM counseling.

Our next scheduled program--Constructing the Perfect Ad--is scheduled for Tuesday, July 14, at 12 noon, Pacific (3 p.m. Eastern, 2 p.m. Central, 1 p.m. Mountain)

NRMLA is implementing, effective immediately, two new Ethics Advisories which, in accordance with the “NRMLA Professional Code of Ethics and Professional Responsibility”, outline the expected standards and practices in selling other financial and insurance products and the expected standards for mortgage lead generation activities.

NRMLA has prepared the following Legislative Briefing Paper for members to give their representatives in Congress when meeting with them in Washington, DC or in their home districts.

The new issue of Reverse Mortgage Magazine, available today, includes an unprecedented transcription of a live counseling session with a reverse mortgage borrower.

The Department of Housing and Urban Development published Mortgagee Letter 2009-19 today, which implements new approval guidelines for condominium projects to qualify for FHA insured mortgages under Section 203(b) of the National Housing Act.

The FTC today issued a Business Alert, “Housing Counselors: How To Help People Avoid Reverse Mortgage Missteps."

FHA insured 8,396 reverse mortgages in May, or 77,908 loans since Oct. 1, 2008 when the current federal fiscal year began. This compares with 9,112 loans endorsed in May 2008 (or 73,875 YTD).

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

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.