Understanding FHA's New Appraisal Ordering Guidelines
February 12, 2010
On February 15, FHA lenders and brokers will be playing by a new set of rules when ordering appraisals.
NRMLA Recommends HUD Continue Correspondent Approval
January 4, 2010
On Wednesday, December 30, NRMLA submitted comments to HUD in response to the Proposed Rule eliminating FHA approval of correspondents, increasing net worth requirements for lenders and shifting responsibility for overseeing brokers to lenders.
A New Year and a New Decade – the Regulatory Outlook for the Reverse Mortgage Industry
January 4, 2010
Below is a summary prepared by NRMLA's legal counsel James Milano of Weiner, Brodsky, Sidman, Kider, P.C., detailing several important legal changes that will become effective either on January 1, 2010 or early in 2010.
HUD Officially Implements Counseling Roster and Testing Standards
November 10, 2009
This morning, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2009-47, which implements a final rule published in September that established the HECM Counselor Roster and testing standards that will be used to qualify new HECM counselors.
Update on RESPA
November 10, 2009
On October 22, 2009, HUD issued more FAQs for the Real Estate Settlement and Procedures Act (RESPA). These FAQs address what NRMLA’s RESPA Committee determined were four main issues with regard to RESPA’s effect on reverse mortgage transactions.