HECM servicing policy updates finalized; FHA ups 2024 loan limits; Ginnie Mae announces optional early closing date for multiclass transactions; FHA seeks comment on payment supplement final disclosure statement model document; new collaboration to offer homes for sale under FHA’s Claims Without Conveyance of Title second chance program.
Congress extends NFIP through Feb. 2, 2024; FHA proposes updated home equity conversion mortgage assignment claims eligibility policy; FHA extends waiver on face-to-face interviews with distressed borrowers; VA extends foreclosure moratorium for Hawaii wildfires; HUD OIG reports on HUD’s top management challenges.
The counterparty risks that nonbanks pose to Ginnie Mae are among the Department of Housing and Urban Development’s top management challenges, according to HUD’s IG.
A new proposal from FHA would expand the list of funding sources borrowers could use to meet their monetary investment requirements under the HECM for purchase program.
FHA wants to streamline policies allowing mortgage servicers to implement alternatives to foreclosure and update its incentive payments for the successful completion of a loss-mitigation option.
Warehouse lender Texas Capital Bank claims it lost money after Ginnie Mae extinguished its interest in liens associated with the now-defunct Reverse Mortgage Funding.
Ginnie boosts liquidity for issuers of MBS backed by reverse mortgages; MISMO issues dataset for information exchanges verifying veterans’ benefits eligibility; senior housing wealth grew in the second quarter; RHS extends comment period on proposed manufactured-housing updates.
The reverse mortgage industry is lauding a recent Ginnie policy change designed to reduce liquidity pressures for issuers of MBS backed by FHA home equity conversion mortgages.
Late last year, Ginnie seized the mortgage servicing assets of Reverse Mortgage Funding after the company filed for bankruptcy, citing liquidity issues.