Items Tagged with 'SECOND APPRAISAL RULE'

ARTICLES

  • HUD lists 2018 housing accomplishments

    Names reverse mortgage adjustments, disaster relief, community reinvestment among highlights
    Last week, the Department of Housing and Urban Development released a list of its accomplishments in 2018 under the leadership of Secretary Ben Carson. In the last year, the agency said its programs have spurred reinvestment in communities, advanced economic opportunity, reduced homelessness, funded disaster recovery, and protected taxpayers.
    Read More
  • Here are the top 10 reverse mortgage stories of 2018

    A recap of the news that caught your attention this year
    It’s been an eventful year in the reverse mortgage industry. The HECM space saw new proprietary products enter the market, adjusted to a new second-appraisal rule, and witnessed volume plummet. We drilled down on our article stats to find out what reverse mortgage stories got the most attention this year, shedding light on the topics our audience found most interesting in 2018.
    Read More
  • FHA automates reverse mortgage second-appraisal process

    Lenders will now get an immediate response
    The FHA fully automated the second-appraisal process for HECM lenders on Friday, a move it had promised would come by December 1st. Now, lenders will receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.
    Read More
  • Committee tracks impact of FHA’s second appraisal rule

    Collects lender data looking for clues on FHA’s methods
    Members of the HUD Issues Committee within the National Reverse Mortgage Lenders Association are taking a deep dive into the Federal Housing Administration’s second appraisal rule for select HECM loans. “We are tracking what we think are key elements to see if we can’t figure out where some of the problems may lie,” said Committee Chair Elly Johnson. Here’s what they’ve uncovered so far.
    Read More
  • HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

    Panel gives update on impact of recent HECM program changes
    The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
    Read More
  • FHA Commissioner Brian Montgomery: More change ahead for reverse mortgages

    “The HECM program has profound issues”
    Federal Housing Administration Commissioner Brian Montgomery said Tuesday at the National Reverse Mortgage Lenders Association’s annual meeting in San Diego that the agency is working to address the volatility within the reverse mortgage program, hinting that the industry can expect more change ahead, as “efforts in past years to address these problems have generally only delivered short-term fixes.”
    Read More
  • FHA publishes FAQ on second appraisal mandate for reverse mortgage loans

    Clarifies specifics for HECM lenders
    It’s only been in play for a few weeks, but the HECM industry continues to speculate just how impactful FHA’s new second appraisal mandate has been. In the meantime, the agency sought to clear up any confusion among lenders, recently publishing a list of FAQs on the new guideline. The biggest takeaway? Its process is proprietary, so don’t expect any clues about its methods.
    Read More