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FHA Revises HECM Servicing Requirements – NMP

In the new requirements, FHA-approved HECM servicers can use alternative supporting documentation in lieu of previously required materials that often resulted in delayed claim processing. For example, ... read more

FHA clarifies certification requirements to streamline HECM lending

On Thursday, the FHA released proposed clarifications to its annual and loan-level certification requirements, as well as updated language describing what constitutes a defective loan and how such ... read more

FHA issues extensive new reverse mortgage servicing updates

The FHA on Thursday published new Home Equity Conversion Mortgage (HECM) servicing guidance in response to industry feedback. read more

Impact of Revised FHA Handbook on Reverse Mortgage Servicers

As discussed in a prior blog post, ML 2023-23 was published on November 30, 2023, and was intended to “simplify servicing requirements” and generally improve the HECM program. read more

FHA Tackles New HECM Changes – NMP

As part of an ongoing effort to strengthen the Mutual Mortgage Insurance Fund and preserve the financial soundness of the HECM program, the Federal Housing Administration (FHA) has announced new HECM ... read more

FHA announces update and consolidation of the HECM program

According to the FHA, consolidating these programs eliminates more than one hundred individual policy documents and assist with strengthening the understanding and implementation of the HECM by ... read more

HUD Revamps HECM Rules for Efficiency - National Law Review

Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity Conversion Mortgages (HECMs, more commonly known as ... read more

Eligibility Requirements For A HECM Borrower And Measuring Available Credit

Let's review what the basic requirements to become an eligible HECM borrower are. Reverse mortgages use their own jargon, and it is important to understand the meaning of three key terms: (1 ... read more

FHA Reverse Mortgage Loans - Investopedia

The Federal Housing Administration (FHA) insures the most common type of reverse mortgage, called a home equity conversion mortgage (HECM). read more

Propriety Reverse Mortgage Products Could Eclipse FHA's HECM ... - Forbes

New mortgage products focused on home equity release for seniors primed for a market boost as sales falter with the government's HECM. read more

Just Approved: FHA allows “drive-by” appraisals for HECM ... - SFGATE

Fast forward to 2020. I contacted her to let her know that because of COVID-19, the Federal Housing Authority (FHA) is accepting “drive-by” appraisals. read more

Everything You Need to Know About HECM Loans - Yahoo

HECM loans also have a cap on how large they can be -- for 2022, the maximum FHA claim amount is $970,800. For homeowners who want to take out a larger reverse mortgage, another option is available. read more