Legislation


 NRMLA tracks issues related to reverse mortgages on both the federal and state level. This section contains information on pending legislation, Congress, and the legislative process.


Federal


HUD Briefing on New Housing Law August 1, 2008

Earlier this afternoon, we participated in a telephone briefing on the new FHA Modernization legislation conducted by FHA Commissioner Brian Montgomery and his staff.


Breakdown of Housing Bill Provisions July 31, 2008

The following charts developed by FHA breakdown the various provisions of the HOUSING AND ECONOMIC RECOVERY ACT OF 2008 (HR 3221).


President Bush Signs Housing Bill Into Law; Work on Interpretation and Implementation Underway July 30, 2008

At 8:30 this morning, President Bush signed into law two bills, the Clean Boating Act of 2008 and, our long awaited, Housing and Economic Recovery Act of 2008.


MEMBER ALERT: Senate Passes Housing Bill; President Expected to Sign Immediately July 26, 2008

Earlier today, the Senate passed HR 3221 by a vote of 72-13. We expect the President to sign the bill into law immediately.


MEMBER ALERT: House Passed HR 3221 July 24, 2008

Late yesterday, the House passed HR 3221, the “Housing and Economic Recovery Act of 2008,” by a floor vote of 272 (yes) to 152 (no). This House version includes amendments that were negotiated since the passage of the Senate version two weeks ago.


MEMBER ALERT: FHA Modernization, Including HECM Amendments, in Foreclosure Help Bill Passed by the House May 9, 2008

Yesterday, the U.S. House of Representatives passed a comprehensive housing package comprised of two separate bills. The first bill, H.R. 3221, has as its centerpiece, an authorization of $300 billion in FHA refinancing to help homeowners facing trouble meeting their mortgage payments.


Congress 101 April 18, 2008

NRMLA's Congressional Relations Committee has prepared the following presentation to help educate members on the legislative process.


Guide to Contacting the U.S. Congress April 18, 2008

NRMLA's Congressional Relations Committee has developed the following PowerPoint presentation to help educate our members on the importance of political advocacy.


Fannie Mae HomeKeeper Loan Limit Will Remain At $417,000 March 8, 2008

Today, the Office of Federal Housing Enterprise Oversight (OFHEO) announced a temporary increase in the GSE (Fannie Mae/Freddie Mac) conforming loan limit as a result of the Economic Stimulus Act of 2008.


FHA Temporary Loan Limit Increases Not Applicable to HECMs March 7, 2008

FHA announced on March 6, 2008 a temporary increase in loan limits for all forward mortgages as a result of the Economic Stimulus Act of 2008.

 

State / Local


Rhode Island Passes Reverse Mortgage Legislation July 21, 2008

In an official signing ceremony on June 20, 2008 Governor Carcieri signed into law reverse mortgage legislation aimed at protecting senior homeowners.


Member Alert: NRMLA Trying to Resolve Licensing Issues in Washington State June 2, 2008

Washington state recently passed legislation that may impact non-depository lenders, as well as the correspondents, subsidiaries and affiliates of depository lenders who make reverse mortgage loans in that state.


MEMBER ALERT: Fixed Rate HECMs High Cost State Law Restrictions May 21, 2008

As we engaged with the industry on fixed rate HECMS, we were pleased that FHA issued Mortgage Letter 2008-08 regarding fixed rate HECM loans. We want to clarify a few important points.


State Legislative Tracking Chart November 9, 2007

NRMLA's State & Local Issues Committee has drafted the following document to track state legislation and/or regulations that impact reverse mortgages (either directly or indirectly).


State Regulatory Update (Eastern States Only) May 1, 2007

The memo summarizes mortgage licensing updates, new state laws, as well as selected regulatory updates published within the past year by the U.S. Department of Housing and Urban Development.


All materials copyrighted © 2008 National Reverse Mortgage Lenders Association.