Items Tagged with 'FEDERAL HOUSING ADMINISTRATION'

ARTICLES

  • Reverse mortgage servicer Celink settles lawsuit for $4.25 million

    Suit alleges Celink wrongfully collected interest on FHA insurance
    Celink settled a federal lawsuit regarding allegations that it violated the False Claims Act in relation to its servicing of reverse mortgage loans. The Michigan-based servicer agreed to shell out $4.25 million to resolve the claim that it wrongfully collected interest on FHA insurance for five years.
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  • Do reverse mortgages have occupancy issues?

    When someone other than the borrower lives in the home, the FHA may unknowingly be footing the bill
    Reverse mortgage borrowers must sign a form every year to confirm that they are living in the property, but without anyone physically verifying that it is, in fact, the borrower signing the form, there's bound to be fraud, and it could be costing the FHA's insurance fund millions.
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  • HUD Inspector General: Department has serious management challenges

    Report says problems plaguing the agency are costing taxpayers millions
    The Department of Housing and Urban Development is facing serious management challenges that are causing longstanding performance and accountability issues. An annual report released by HUD's Office of Inspector General outlines the top six management challenges facing the agency in 2019, and the details aren’t pretty.
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  • Reverse mortgage volume declines

    Data reveals complete reversal of previous month's recovery
    The reverse mortgage industry continues to fumble in the wake of last year’s program changes, with new data pointing to a complete reversal of previous indicators of market recovery. According to analytics firm Reverse Market Insight, HECM volume rose nearly 10% in August, only to fall about 10% in September.
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