FHA and Ginnie Mae officials are working to ensure HECMs are available by implementing various reforms.

Chairs of the Senate Veterans Affairs Committee and the Senate Committee on Banking, Housing and Urban Affairs lose re-election bids; HUD announces sale of residential loans on non-vacant properties; FHA issues standards for flood risk management tied to minimum property standards; FHA appraisal data added to Uniform Appraisal Dataset.

FHA Commissioner Julia Gordon is seeking more federal funding to address ongoing challenges in housing supply and affordability.

The changes are effective Sept. 28 and are necessary to improve the long-term stability of the HECM program, FHA said.

New FHA home equity conversion mortgage endorsements increased 10.8% from the first quarter to the second. Year-to-date, though, volume was down from the first six months of 2023. (Includes three data tables.)

A California-based real estate professional admitted to conspiring to originate 102 home loans worth more than $55 million using false and fraudulent loan application information.

FHA said it would consider stakeholder feedback in future policy updates. But industry trade groups are already calling for changes to the cyber incident reporting requirements announced and launched in May.

Sutherland and NOVAD formed a servicing operation in 2014 that won a contract to service reverse mortgages for HUD. The companies remained reverse-mortgage servicers until near the end of 2022.

Correspondent sales of government-insured mortgages originated during 2023 declined somewhat on an annual basis, but Veterans United upped its sales by 7.3%. (Includes data table.)

Improvements to the FHA home equity conversion mortgage program will help seniors maintain housing stability and financial security in retirement, according to Urban Institute’s Amalie Zinn.