Reverse Mortgage Jan-Feb 2021

complete the forms,” NRMLA says in its comments. “For that reason, we requested clear guidance that the cost to obtain the information to complete Form HUD-9992 or Form HUD-9991 may be passed on to the borrower(s) and considered a mandatory obligation for a Home Equity Conversion Mortgage and permitted to be paid at closing.” On July 31, 2020, HUD issued a notice that it would be renewing and revising Forms HUD-9991 and HUD-9992—which are used to determine if a condo- minium project is eligible for FHA project approval and if a unit in an approved or unapproved condominium project is eligible for FHA-insured financing—and invited public comments. Guidance Regarding Presidentially Declared Disaster Areas The Federal Housing Administration (FHA) issued FHA INFO #20-64 as a clarification to mortgagees about its guidance for originating and/or servicing FHA-insured mortgages in locations in the U.S. and its territories that have been declared Presidentially-Declared Major Disaster Areas (PDMDAs) during the COVID-19 pandemic. FHA said it recognizes the difficulty facing many borrowers across the country in light of recent hurri- canes, wildfires and other extreme weather events in the midst of a pandemic. The guidance in FHA INFO #20-64 is intended to provide clarity to borrowers and industry partners. As it pertains to HECMs, FHA said the following: • FHA-insured HECMs that become due and payable for reasons other than the death of the last surviving borrower and eligible non-borrowing spouse are sub- ject to a 90-day extension of HECM foreclosure time- lines, as most recently provided for in FHA INFO #18-40; and • In addition to the provisions found in FHA INFO #18-40, FHA is providing HECM mortgagees an automatic 90-day extension from the date of the PDMDA foreclosure expiration date to commence or recommence a foreclosure action. Mortgagees can find more information about the policies referenced above and other FHA PDMDA and FHA COVID-19 policies on the FHA Resource Center’s Online Knowledge Base. Senate Aging Committee Examines Disparate Health Impacts on Minorities The Senate Aging Committee conducted a hearing over the summer that examined ways to address COVID-19’s disparate health impacts on older adults in racial and ethnic minority communities. The committee cited a New York Times analysis that shows Black and Latino Americans are infected with the virus at three times the rate as their white neighbors, and they are nearly twice as likely to die from the virus. In his Senate testimony, Dr. Dominic H. Mack, director of the Morehouse School of Medicine’s National Center for Primary Care, attributed the racially dispro- portionate impact of COVID-19 to “health care chal- lenges faced by racial and ethnic minorities,” as well as a “glaring lack of health infrastructure in medically under- served communities.” He also spoke about an innovative partnership he is co-leading with the U.S. Department of Health and Human Services’ Office of Minority Health to address COVID-19 in racial and ethnic minority, rural and other vulnerable populations. And now you’re up to date. What’s News continued from page 9 LET US KNOW WHAT YOU’RE TALKING ABOUT. This forum is the place for readers to share their opinions with fellow colleagues about the direction of the reverse mortgage business and other retirement trends. Submissions should be limited to 100 words or less and submitted to Associate Editor Darryl Hicks, at dhicks@dworbell.com . 10 REVERSE MORTGAGE / JANUARY-FEBRUARY 2021