Items Tagged with 'NATIONAL ASSOCIATION OF REVERSE MORTGAGE LENDERS'

ARTICLES

  • FHA loosens condo eligibility requirements for reverse mortgages

    Announces long-awaited changes that will make it easier for condo owners to obtain a HECM
    The Federal Housing Administration has finally issued a long-awaited update to its condominium rules, announcing Wednesday that it will allow individual unit approval and is taking other steps that will eliminate barriers for condo owners who want to take out a reverse mortgage. In all, the revised rule will drastically enhance the number of condo owners who have access to HECM financing.
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  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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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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