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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 Issues New Requirements

announced on Monday that it was revising the requirements for HECM servicers when they assign FHA-insured reverse mortgages to the agency for payment. “Streamlining the HECM claim payment process make... read more

Understanding Why And How The HECM Line Of Credit Grows

For more information, download our Reverse Mortgage 101 Cheatsheet. Typically speaking, the principal limit, loan balance, and remaining line of credit all grow at the same rate. In rare cases in the ... read more

HUD Names New FHA Reverse Mortgage Servicing Contractor

Oklahoma City-based Novad Management Consulting is the newest loan servicing contractor for Home Equity Conversion Mortgages (HECM), among other single-family Federal Housing Administration (FHA) loan... read more

Government shutdown halts reverse mortgage endorsements

With the government shutdown approaching the two-week mark, reverse mortgage endorsements have ground to a halt. The Federal Housing Administration released a notice stating it will not be making insu... read more

Sources Sought Notice – HECM Mortgage Support Services

FHA Insured HECM loans, commonly referred to as reverse mortgages ... or interfaces with HUD's business service providers in performing the requirements of this contract. Loan servicing activities inc... read more

Tax and Insurance Responsibilities of a Reverse Mortgage Borrower

Whether the borrower took out a conventional loan or a Home Equity Conversion Mortgage (HECM), the reverse mortgage ... to foreclose on the property per HUD's requirements. (Note that reverse mortgage ... read more

Considering a Reverse Mortgage? Learn About HUD's New HECM Guidelines

To address these issues, HUD will require reverse mortgage lenders to evaluate a borrower's "willingness and capacity to timely meet his or her financial obligations and to comply with the mortgage re... read more

FHA Eases Requirements for HECM Claim Payments

In an effort to streamline the Home Equity Conversion Mortgage claim payment process, the Federal Housing Administration announced Monday that it has updated requirements for servicers ... “Streamlini... read more

Quontic Bank: Proprietary products are key to reverse mortgage success

Unlike their federally insured HECM counterpart, proprietary reverse mortgages are not government ... “We are not beholden to New York’s requirements to approve this product for their licensed mortgag... read more

HUD Publishes New Guidelines Associated With HECM and Reverse Mortgage Risk

The U.S. Department of Housing and Urban Development (HUD) is publishing new guidance to manage risk associated with the Federal Housing Administration’s (FHA) reverse mortgage or Home Equity Conversi... read more

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

The amendments to HUD's Home Equity Conversion Mortgage (HECM) program spelled out in ML 2015-03 in ... remain in the home despite not being named on the title. Under new guidelines, reverse mortgage ... read more