The updated guidance, which will go into effect Jan. 1, notes that housing counseling must be provided by a qualified, independent third party and not by anyone compensated by a mortgage originator or servicer.

The bureau found a four-fold increase in the number of reverse mortgage direct mail advertisements sent to consumers over the past two years compared to 2019 and 2020.

The trade group suggested HUD streamline property valuation data for HECMs through a waterfall of appraisal options that could eliminate the need for a second appraisal in some cases.

Lenders have new obligations to the FHA when they default on making home equity conversion mortgage disbursements, according to a policy finalized this week.

The Mortgage Bankers Association proposed some revisions of its own in response to an FHA proposal to change home equity conversion mortgage disbursements and defaults.

While the rules don’t apply to single-family homes, the agency has programs to help seniors and others improve their residences and make them safer.

Reverse mortgage originations are not immune to the impacts of elevated interest rates, a DBRS Morningstar analyst notes.

The changes would improve FHA’s ability to make prompt payments in instances when a HECM lender defaults on its borrower obligations.

The volume of FHA and VA originations continued to fall in the first three months of the year, marking the eighth straight quarter-over-quarter decline. (Includes three data charts.)

Under the modified policy, FHA decreased the minimum loan balance threshold at which a mortgagee can submit the assignment request for a home equity conversion mortgage.