Processing / Underwriting
Disclosure of Servicing Fee Set-Aside
Following is a question submitted by one of our members on proper disclosure of the service fee set-aside. The answer was provided by Dan Mooney, head underwriter at HUD's Santa Ana Homeownership Center, in Santa Ana, CA.
Reverse Mortgages on Tribal Lands
Recently, a NRMLA member asked whether FHA will insure reverse mortgages made on homes located on tribal lands. The following answer was provided by Daniel Mooney, a senior underwriter at HUD's Santa Ana Homeownership Center, in Santa Ana, CA.
Replenishing a Line of Credit
A NRMLA member recently submitted the following question that deals with prepaying a HECM line of credit. The answer was provided by Daniel Mooney, a senior underwriter at HUD's Santa Ana Homeownership Center, in Santa Ana, CA.
Listed Name on Title
Both HUD and Fannie Mae require the name of the reverse mortgage borrower be the only one to appear on the title.
HUD Issues Notice on Manufactured Housing Tags
HUD has posted new guidance on missing labels for manufactured homes.
The following Q&A, developed in cooperation with the Department of Housing and Urban Development, offers lenders additional guidance on appraisal guidelines mandated in Mortgagee Letter 2005-48.
How Lenders and Title Companies Can Work Together to Ensure a Smooth Transaction
The following article written by title insurance executive Chris McLucas examines common issues that a title company should be prepared to handle in completing a reverse mortgage transaction.
Taking the Fear Out of Trusts & Powers of Attorney
In states like Florida and California with large senior populations, an increasing number of elderly homeowners are placing all or most of their assets—including their home—into a trust for tax and estate planning purposes.
What You Need to Know About Manufactured Homes
Following is an article that explains some of the issues you need to be aware of when working with a client who lives in a manufactured home.
Well Water Vs. Public Water
If a borrower uses water from a well on the property instead of public water, then tests must be conducted to make sure that the well water is fit for drinking.
What You Need to Know About Powers of Attorney
Some reverse mortgage applicants have a friend or family member act as power of attorney to handle legal and similar matters.
All materials copyrighted © 2013 National Reverse Mortgage Lenders Association.