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FHA Revises HECM Servicing Requirements

The Federal Housing Administration (FHA) has revised requirements for Home Equity Conversion Mortgage (HECM) servicers when they assign FHA-insured reverse mortgages to the agency for claim payment. I... read more

FHA Announces Changes to HECM Claim Payments

FHA recently issued Mortgagee Letter 2018-08, announcing revised requirements for Home Equity Conversion Mortgage (HECM) servicers when they assign FHA insured reverse mortgages to the agency for clai... read more

HUD Issues New HECM Servicing FAQs, Revisions

The Department of Housing and Urban Development today released new and revised HECM servicing Frequently Asked Questions, including new guidelines regarding the sale of a HECM property after the borro... read more

FHA Rescinds Rule for Foreclosure on HECM Surving Non-Borrowing Spouses

The amendments to HUD's Home Equity Conversion Mortgage (HECM ... not require FHA approval. Mortgagees must prepare a detailed Extension Request on their company letterhead. The request must include t... read more

FHA's Galante Asks Congress For Increased Authority To Hold Lenders Accountable

A Look at the Federal Housing Administration's 2012 Actuarial Report ... FHA programs, and there were substantial improvements in lender compliance, and a number of settlements with lenders and servic... read more

Financial Freedom Settles Alleged Liability for Servicing of Federally Insured Reverse Mortgage Loans for $89 Million

"HECM servicers must be held ... the servicer is required to meet a number of regulatory requirements and deadlines. "Today's settlement agreement resolves allegations that this lender failed to compl... read more

FHA Gives Answers on New Reverse Mortgage Financial Assessment Updates

A week after updating its Financial Assessment and Property Charge guidelines ... revised growth rate for the Servicing Fee Set-Aside and updated Property Charge Guide) take effect for HECM case numbe... read more

Ocwen Financial Corporation (OCN)

We originate Home Equity Conversion Mortgages (HECM, or reverse mortgages) that are insured by the FHA and are an approved issuer ... definition of a participating interest because of the servicing re... read more

Servicing News; FHA and VA Update; US Bank Exits Wholesale

"The long-standing alignment of tax payments with servicing cash flows is an integral feature ... Ginnie Mae began disclosing the HECM Loan MIP Rates based on the FHA policy change per Mortgagee Lette... read more

Sources Sought Notice – HECM Mortgage Support Services

Although primarily a mortgage insurer, FHA has occasion to become the holder of primary mortgages through the assignment of HECM mortgages ... service providers in performing the requirements of this ... read more

A Closer Look at FHA’s CWCOT

What is the Federal Housing Authority’s CWCOT program and how it has affected the servicing space? Alexander: As HUD’s primary insurer for single-family home loans, the FHA ... its guidelines to give ... read more