The Administration for Community Living released its 2023 Profile of Older Americans, illustrating the shifting demographics of Americans 65 and older. In 2022, 31.9 million women and 25.9 … more ACL Releases 2023 Profile of Older Americans
Industry News & Reference
HUD Publishes Updates to HECM Handbook
The Department of Housing and Urban Development published a revised copy of the Single-Family Handbook 4000.1, which includes changes to the HECM section. Here is a link to … more HUD Publishes Updates to HECM Handbook
FHA Updates Unique Entity Identifier Requirements
The Federal Housing Administration updated its Unique Entity Identifier (UEI) policy for FHA-approved mortgagees as well as other entities seeking eligibility to conduct FHA business. Details were provided … more FHA Updates Unique Entity Identifier Requirements
Reverse Borrowers to Benefit from FL Tax Law Change
Florida Governor Ron DeSantis signed legislation (House Bill 7073) that amends existing law by basing the state’s documentary stamp tax on the principal limit of a reverse mortgage … more Reverse Borrowers to Benefit from FL Tax Law Change
FHA Disallows Lender-Paid IPCs in H4P Transactions
The Federal Housing Administration announced that it will not allow mortgagees and third-party originators (TPO) to make Interested Party Contributions in HECM for Purchase transactions, nor will it … more FHA Disallows Lender-Paid IPCs in H4P Transactions
Face-to-Face Counseling Made Permanent in MA
Massachusetts Governor Maura Healy signed a Supplemental Budget Bill this week that includes provisions to authorize reverse mortgage counseling via synchronous real-time video conference or telephone on a … more Face-to-Face Counseling Made Permanent in MA
CFPB Updates Supervision Designation Procedures
The Consumer Financial Protection Bureau (CFPB) issued a procedural rule to update how the agency designates a nonbank for supervision. The updates will streamline the designation proceedings for … more CFPB Updates Supervision Designation Procedures
Americans More Worried About Running Out of Money Than Death
Two in three (63%) Americans worry more about running out of money than death, up from 57% in 2022. Concerns about inflation, Social Security, and taxes contribute to … more Americans More Worried About Running Out of Money Than Death
Servicing Corner: Who Qualifies As An Eligible Non-Borrowing Spouse?
If you have a client with an underage spouse who’s not on the reverse mortgage, it may still be possible for that person to continue living in the … more Servicing Corner: Who Qualifies As An Eligible Non-Borrowing Spouse?
HUD Announces Next HECM Note Sale
The Department of Housing and Urban Development published a notice in the Federal Register that announced its intention to sell 1,265 HECM notes secured by vacant properties with … more HUD Announces Next HECM Note Sale
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