Tag: Reverse Mortgage

FHA HECM Updates – NY Licensing – Appraisals – CFPB Exams

Written by: Melinda Hipp, Staff Writer Following are the FHA HECM updates for June.  If you work with reverse mortgages, this is a must-read update! Updates: The New York Department of Financial Services (DFS) published new NMLS licensing guidelines for New York State licensed mortgage bankers seeking to originate Home Equity Conversion Mortgages (HECMs) and proprietary reverse […]

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FHA HECM-Reverse Mortgage Updates – COVID19 and SWAP Rate

Written by: Melinda Hipp, Staff Writer Big things are happening in Reverse Mortgage world.  It sounds like there are some massive nuggets of opportunity in this update! Rule Synopsis: The last 8-12 weeks have been a crazy time, both for the world, the USA and for the mortgage industry.  This includes the specialized Reverse Mortgage […]

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Are Reserves Required on Reverse Mortgages?

Question: I have a 3-Unit Reverse Mortgage and am being asked to provide reserves.  Is this required by FHA? Answer: Per the HECM Guidelines and Financial Assessment Guide, there are NO listed requirements for reserves on any, one-four family units when underwriting a HECM.   On a regular FORWARD mortgage, yes, that would be a HUD guideline […]

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FHA HECM Appraisal Submission and Assessment Changes, Mortgagee Letter 2018-06, September 28, 2018, Effective October 1, 2018 [New MTP™- New FHA Requirement for HECM Loans!]

Written By: Tracey Rumsey, Staff Writer FHA is losing big money on their HECM program, which is also known as a Reverse Mortgage.  They believe that one of the biggest issues is the secured collateral.  If you work with HECM loans this is a must read as it will likely affect your loan process. Rule Synopsis: […]

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