Items Tagged with 'THE FEDERAL HOUSING ADMINISTRATION'

ARTICLES

  • The problem with getting a reverse mortgage on a condo

    With FHA spot approval a distant memory, originators struggle to help condo owners secure a HECM
    Ever since the FHA eliminated spot approvals for condominiums, reverse mortgage originators have logged countless hours helping prospective borrowers secure a HECM on their condo – sometimes to no avail. And, with HUD dragging its feet on finalizing rules that would bring back spot approval for FHA loans, it doesn't seem like things will change any time soon. Will non-agency reverses provide the answer?
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  • 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.
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  • 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.
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