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Fha Changes Appraisal Policy On Hecm Properties | AutoTraffic

FHA Changes Appraisal Policy on HECM Properties

The Federal Housing Administration (FHA) will now requiring lenders originating new Home Equity Conversion Mortgages (HECMs) to provide a second property appraisal in cases where the agency believes t... read more

FHA’s Montgomery: New HECM Appraisal Rules Less Impactful Than Other Changes

“We do understand that our policy changes are going to be challenging initially for some of the lenders,” FHA commissioner ... the peak era of inflated HECM appraisals — a period that spanned from 200... read more

FHA to Mandate Appraisal Checks on Certain HECMs

In accordance with the mandate, FHA will assess appraisals on HECM originations to determine if a second appraisal is required. Under the policy, lenders are not permitted to approve or close a HECM b... read more

HUD Inspector General: Department has serious management challenges

HUD is also struggling to provide sufficient oversight to ensure that properties ... and policies would help reduce some of the inherent issues.” The report calls out over-the-phone counseling as pote... read more

Montgomery Addresses Appraisal Inflation in Reverse Mortgages

On Monday, the Federal Housing Administration (FHA ... at all HECM appraisals submitted, and will require a second appraisal if our review shows that there is or may be an inflated value,” Montgomery ... read more

FHA’s FAQs Clarify Latest Reverse Mortgage Appraisal Changes

property-flipping cases, financing, and other guidance around the new appraisal rule. This newest appraisal change put forth in Mortgagee Letter 2018-06 became effective on October 1 and requires all ... read more

Construction and Data Validation Products; FHA, VA, HECM Changes

FHA announced it is reversing a short-lived policy announced in July of 2016 and will no longer insure new mortgages on properties ... Conversion Mortgage (HECM) Limits. Effective Thursday, November 3... read more

FHA Amends Reverse Mortgage Rules

According to the FHA, lenders must now provide a second independent property ... a second appraisal be obtained prior to approving the reverse mortgage for an insurance endorsement. Under the new poli... read more

Former head of FHA and MBA David Stevens blasts reverse mortgages

Stevens posted a link to a Wall Street Journal article on the second appraisal rule on select HECM loans, quoting current FHA Commissioner Brian Montgomery ... Others said reverse mortgages are import... read more

Warehouse and Non-QM Products; Agency Appraisal and Inspection Changes

The vast majority of transactions do not receive an appraisal waiver offer.” The Fannie Mae Selling Guide has been updated to clarify policies ... by FHA as potentially having an inflated property val... read more

HUD Takes Action to Speed Resale of Foreclosed Properties to New Owners

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of rec... read more
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