HUD Provides Some Clarification on Implementation of New Loan Limits
October 10, 2008
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.
HECM Loan Limit Updates
October 7, 2008
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.
FHA Announces $417,000 HECM Loan Limit
October 2, 2008
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.
New Mortgagee Letter Clarifies Originator Requirements
September 18, 2008
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).
HECM Borrowers in Default Benefit from Refi Change
September 4, 2008
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.
MEMBER ALERT: HECM Non-Recourse Policy Clarification
August 27, 2008
As you know, for years, and with good reason, FHA-insured HECM loans generally have been characterized by the FHA, lenders, consumer advocates alike, as "non-recourse" loans to the borrower.
Member Alert: FHA Advisor Clarification
June 10, 2008
The following memo provides additional guidance from NRMLA and our General Counsel on Mortgagee Letter 2008-14 dealing with HECM Advisors.
MEMBER ALERT: HUD Issues Guidance on HECM Advisors
May 16, 2008
Today, HUD published Mortgagee Letter 2008-14, Home Equity Conversion Mortgage Program - Non FHA Approved Mortgage Brokers, which provides long-awaited guidance on the role of "advisors" in the HECM program.
HUD Offers Guidance on Fixed Rate HECMs
April 2, 2008
HUD published Mortgagee Letter 2008-8 today, providing guidance to lenders that wish to offer HECMs with a fixed interest rate.
HUD Issues Interim Rule in HECMs
January 9, 2008
The U.S. Department of Housing and Urban Development published an “interim” rule in the Federal Register this morning that makes two technical changes to the HECM program.
HUD Mortgagee Letter Clarifies Use of LIBOR
October 15, 2007
On October 12, 2007, the FHA issued Mortgagee Letter 2007-12 providing clarification to the previously published rule that lenders may now use LIBOR as an index option with HECM loans. The Mortgagee Letter is effective immediately.
HECM Counseling-Borrower Signatures
September 12, 2007
As a service to our members, NRMLA is alerting you to an issue with HECM counseling.
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"Do Not Call" Compliance for the Reverse Mortgage Industry
July 27, 2007
Consumer privacy is a very hot topic—and as marketing people we all must be aware of the consumer’s right to privacy.
HMDA and Reverse Mortgages
May 15, 2007
Earlier this week, the Federal Financial Institutions Examination Council announced that it recently updated its "Frequently Asked Questions" on Home Mortgage Disclosure Act reporting as to reverse mortgages.
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