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Proprietary reverse loans give younger homeowners more options

FHA, Finance of America, HECM, Housing Market, HWmember, Mutual of Omaha Mortgage, Reverse, Reverse Mortgage Daily /

In an effort to nudge older homeowners to tap into their home equity, the reverse mortgage space is expanding beyond federally backed offerings as lenders develop proprietary products with fewer restrictions. The push reflects a confluence of factors: rising home values, inflation, relatively high mortgage rates and a swelling population of Americans nearing or entering […]

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Government shutdown halts new reverse mortgage endorsements

FHA, Government Lending, Government Shutdown, HECM, Housing Market, HWmember, Reverse, Reverse Mortgage Daily /

The Federal Housing Administration (FHA) said Wednesday it will continue processing claims during the government shutdown but cannot endorse new Home Equity Conversion Mortgages (HECMs) until funding is restored. That information was confirmed by the National Reverse Mortgage Lenders Association (NRMLA). Because most reverse mortgages fall under the FHA’s HECM program, FHA loan endorsements stop

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Shutdown tests lenders’ plans to keep loans moving

FHA, Government Shutdown, HUD, Originations, The VA /

With the U.S. government shutdown in effect and little progress made on an eventual reopening, mortgage lenders are busy measuring operational impacts while introducing strategies drawn on past experience to keep business flowing.  As of Wednesday, many questions remain about the full extent of the impact on support provided to lenders, with most federal services

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Fannie and Freddie waive some loan requirements amid shutdown

Fannie Mae, FHA, Freddie Mac, Ginnie Mae, Government Lending, Government Shutdown, HWmember, LendingLife, Mortgage, Origination /

Government agencies and enterprises issued guidance on Wednesday for mortgage lenders and servicers during the current government shutdown, which affects federal employees, services, contractors, vendors and other businesses. Fannie Mae and Freddie Mac are waiving some requirements for lenders due to the potential inability to confirm income, reserves, tax, and Social Security information from borrowers

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FHA extends loss-mitigation deadline for mortgage servicers

FHA, FHA loan, HUD, HWmember, LendingLife, Loss Mitigation, Mortgage, Mortgage Servicing, Servicing /

The Federal Housing Administration (FHA) has extended the timeline for mortgage servicers to comply with the new loss-mitigation waterfall, according to a mortgagee letter issued Wednesday. While the provisions may be implemented by Oct. 1, they must be fully in place no later than Dec. 30, 2025, according to the letter signed by Frank Cassidy,

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FHA premium cancellation bill reintroduced in the House

FHA, LOAN PRODUCTS, Originations, PMI, Politics and policy, Servicing /

A bipartisan bill looking to end the Federal Housing Administration’s life-of-loan requirement for that form of mortgage insurance coverage has been reintroduced in the House of Representatives. The Mortgage Insurance Freedom Act was previously introduced in last year’s lame duck session of Congress by Rep. Gregory Meeks, D-New York, and Rep. Pete Sessions, R-Texas. Under

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Is there a better way to avoid reverse mortgage foreclosures?

FHA, Foreclosure, HECM, HUD, HWmember, Mortgage Servicing, NRMLA, Reverse, Reverse Mortgage Daily /

Even with options in place to prevent them, reverse mortgages can end in foreclosure. But Byron Batres thinks his company can offer a solution to reduce these outcomes. While more recent numbers aren’t available, a 2019 analysis by the Government Accountability Office (GAO) of Federal Housing Administration (FHA) data found that the share of Home

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FHA poised to outpace private mortgage insurers

FHA, Housing markets, Originations, PMI, Secondary markets, Underwriting /

The Federal Housing Association is likely to continue to take market share away from the private mortgage insurers for the foreseeable future, a Keefe, Bruyette & Woods report said. Insurance-in-force for all forms of mortgage insurance grew by 1.3% between the first and second quarters and by 5.5% year-over-year, the report from Bose George and

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Frank Cassidy nominated as Federal Housing Commissioner

FHA, Originations, Secondary markets /

Frank Cassidy, the acting Federal Housing Association commissioner, has apparently been nominated for the job on a full-time basis. The Mortgage Bankers Association put out a statement on Aug. 2 in support of Cassidy’s appointment. His current title at HUD is principal deputy assistant secretary, and he was nominated to the position by the Trump

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FHA seeks input on buy now, pay later lending

Debt, FHA, FHA loan, Government Lending, HUD, HWmember, LendingLife, Mortgage, Regulatory, Underwriting /

The Federal Housing Administration (FHA) has opened a request for information on buy now, pay later (BNPL) lending as it seeks to understand its implications for housing affordability and stability. Comments are due by Aug. 25. These installment loans — often referred to as “phantom debt” — gained popularity during the COVID-19 pandemic, particularly among

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