Items Tagged with 'MMI Fund'

ARTICLES

  • HUD: Reverse mortgage volume tanked in Q1

    Latest report paints troubling picture for HECMs
    Reverse mortgage volume has been on a rapid descent since program changes took hold in early 2018, and the trend doesn't appear to be slowing. The Department of Housing and Urban Development released its quarterly report to Congress on Monday on the state of the Federal Housing Administration's flagship Mutual Mortgage Insurance Fund, and its details on the flailing state of the reverse mortgage program are eye catching.
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  • Q&A: Celink's Jason McNamara on the challenges facing reverse mortgage servicers

    Why HECM servicing has grown difficult, and what needs to be done about it
    Reverse mortgage servicing differs vastly from traditional mortgage servicing, and thanks to program changes issued over the last two years, it's gotten even more challenging. We spoke with Celink's Jason McNamara, CEO of the nation's largest reverse mortgage subservicer, about the shifting landscape of HECM servicing and the changes he says are necessary to curb losses to the MMI Fund.
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  • Should reverse mortgages be pulled from FHA's MMI Fund?

    Experts say yes, and here's why
    The FHA’s recent report to Congress on the health of its flagship insurance fund revealed the HECM’s continued drain, renewing calls from some to remove reverse mortgages from the Mutual Mortgage Insurance Fund. The Urban Institute’s Laurie Goodman and Edward Golding explained to HousingWire why separating the two portfolios makes sense.
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  • Urban Institute urges FHA to release more HECM data

    Says researchers need to assess why reverse program is "hemorrhaging"
    A recent report by the Urban Institute highlighted trends affecting FHA's reverse mortgage program, noting that while past changes are starting to have a positive impact, the HECM program is still a drain. It urged the FHA to release more loan-level data so that researchers can better analyze risk factors driving this trend.
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  • Urban Institute: 4 FHA trends to watch in 2019

    These factors could impact performance in the year head
    A recent report by independent think tank the Urban Institute affirmed that the FHA continues to be "strong and profitable" for taxpayers, highlighting four trends to watch in the FHA's mortgage portfolio to gauge the probability of future success.
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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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  • It’s been one year since HUD shook up the reverse mortgage industry

    With 10/2 program changes firmly in the rearview, how did the industry fare, and what’s ahead for players in the space?
    Tuesday marked exactly one year since HUD implemented HECM program changes in a move that took lenders by surprise and drastically impacted the reverse mortgage business. It’s been a rocky year as originators attempted to adjust to the new normal, and it seems no one got out unscathed. Will product innovation help the industry find its footing, or will another round of program changes knock it off its feet?
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  • FHA to require second appraisal on select reverse mortgages

    Aims to combat inflated valuations, reduce MMI Fund risk
    The Federal Housing Administration announced Friday that it will require reverse mortgage lenders to provide a second property appraisal on loans flagged by FHA as potentially having an inflated property valuation. The agency said the move is intended to reduce risk to the Mutual Mortgage Insurance Fund, which will ultimately ensure the long-term sustainability of the program.
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  • No FHA premium cut coming; Flagship insurance fund falls in 2017

    Capital ratio still above Congressionally mandated threshold, but falls from 2016
    The thought that the Department of Housing and Urban Development would announce a cut to Federal Housing Administration mortgage insurance premiums appears to have been just that – a fleeting thought. HUD announced Wednesday that premiums will not be cut, due in part to the weaker-than-expected performance of the FHA’s flagship insurance fund.
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  • Will Trump, Republicans overturn latest FHA mortgage insurance cut?

    Hensarling: Obama's "parting gift" puts FHA at risk of bailout
    While many in the housing industry appear pleased by the Department of Housing and Urban Development’s decision to cut Federal Housing Administration mortgage insurance premiums later this month, the real question is whether the cuts, announced by a Democratic administration in its last days, will survive under the new Republican administration.
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