By | Published: February 3, 2011
The Federal Reserve Boards decision to back away from finalizing three mortgage proposals under Regulation Z prior to the transfer of authority for such rulemakings to the Consumer Financial Protection Bureau (CFPB) is receiving praise from just about everyone. “All along we have asked the Fed to suspend its Reg. Z rulemakings, knowing that the CFPB would soon take up many of the same TILA issues,” said John Courson, President of the MBA.
Posted in Reverse Mortgage | Also tagged cfpb, confidence-lost, from-finalizing, having-the-cfpb, maxine-waters, mba reverse, mortgage, mortgage-crisis, preserving-home, reverse mortgage, same, senator-sherrod, with-the-board
By melissa | Published: February 2, 2011
Fidelis Mortgage announced that Eric Rittmeyer, president of the company received the designation of Certified Reverse Mortgage Professional (CRMP) created by the National Reverse Mortgage Lenders Association (NRMLA). “Qualifications for the exam are vigorous,” says Rittmeyer
Posted in Reverse Mortgage | Also tagged a-full-year, and-specializes, challenge, crmp, department, designation, living-expenses, nrmla, qualifications, reverse mortgage, rittmeyer-, show-the-person, throughout-the, urban
By | Published: February 1, 2011
Despite the fact that home affordability remains high, housing data released by the Obama Administration shows new and existing home sales remain low at 27,400 and 440,00 units respectively during December. Any sort of recovery in the housing market remains fragile and the Administration said it remains committed to its efforts to prevent avoidable foreclosures and stabilize the housing market
By | Published: January 31, 2011
Home prices are still falling, which means that you may not be able to borrow as much money as you’d like with a reverse mortgage .
By melissa | Published: January 27, 2011
CredAbility is offering free HECM counseling for borrowers in default from failure to pay their taxes and insurance said the agency on Thursday. Between late January and early April, lenders will be sending this group of borrowers a letter explaining that they are in default, advising them to call a nonprofit reverse mortgage counseling agency. CredAbility is one of only five national nonprofit housing counseling organizations approved by the Department of Housing and Urban Development to provide free counseling to any homeowner struggling with these tax and default issues.
Posted in Reverse Mortgage | Also tagged buying-low-cost, counseling, department, each-homeowner, essential, help-homeowners, individual, initiative, michelle-jones, news, reverse mortgage, said-the-agency, taxes, understand-all
By | Published: January 26, 2011
The Office of the Comptroller of the Currency (OCC) reminded banks that under the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) and the final rules issued on July 28, 2010, residential mortgage loan originators employed by banks, savings associations, credit unions, Farm Credit System institutions, and certain subsidiaries of these financial institutions must register with the Nationwide Mortgage Licensing System and Registry. The initial period for federal registration of residential loan originators is expected to start on or around January 31, 2011, and end on or around July 29, 2011. According to the OCC, employees of national banks and their subsidiaries will have 180 days from the start date to complete their initial registrations
By | Published: January 24, 2011
The Department of Housing and Urban Development (HUD) terminated the approval of sixteen branch offices, spanning a total of fifteen different lenders due to higher than normal default rates on loans endorsed by the Mortgagees. “HUD’s regulations permit HUD to terminate the Agreement with any mortgagee having a default and claim rate for loans endorsed within the preceding 24 months that exceeds 200 percent of the default and claim rate within the geographic area served by a HUD field office, and also exceeds the national default and claim rate,” said a notice published in the Federal Register.
By melissa | Published: January 24, 2011
Mark Miller writes about how the industry and government are addressing reverse mortgage defaults in his latest Reuters column . Barbara Stucki, vice president of home equity initiatives at the National Council on Aging, told Reuters that about five percent of the 550,000 loans outstanding are non-performing for failure to pay taxes and insurance. Miller writes that the situation has been a political “hot potato” for the federal agencies involved, which include the Department of Housing and Urban Development, the Federal Housing Administration and Fannie Mae, which previously purchased the majority of HECM loans.
Posted in Reverse Mortgage | Also tagged address-reverse, borrower, department, federal-housing, fha, loan, national, president, reuters, reverse mortgage, situation, take-the-lead
By melissa | Published: January 24, 2011
The Department of Housing and Urban Development continues to expand into social media with the launch of HUDle – a new interactive blog. “We’re going to have regular bloggers, guest bloggers, video blogs, and special behind-the-scenes-at-HUD content you won’t find anywhere else,” said the statement from HUDle. The latest from the blog announced the launch of a new ebook store from HUD.
Posted in Reverse Mortgage | Also tagged a-new-ebook, and-experience, check-it-out, digital, emergence, fha, free-downloads, news, reverse mortgage, statement, their-variants, urban, with-the-launch
By melissa | Published: January 21, 2011
The Federal Housing Administration announced it will no longer allow lenders to use appraisals of model homes in a subdivision or condominium project to value units under construction. “As economic instability continues to impact many segments of the economy and the housing market in particular,” FHA Commissioner David H. Stevens wrote in a letter to lenders last week, “it is in the best interest of the [FHA] Insurance Fund … to require an appraisal be performed on each individual unit within a larger housing project to determine the maximum mortgage amount” for that unit
Posted in Reverse Mortgage | Also tagged advantages, are-effective, commissioner, determine-the, economy, federal-housing, housing-market, insurance-fund, maximum, the-advantages, use-appraisals, validity
Related Articles