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Reverse Mortgage News Blog Entries

Mortgage brokers no longer allowed to order FHA appraisals…

Shannon Hicks
Federal Housing Administration Policy Changes The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve their exposure to risk.  The changes, effective January 1, include: Modification of Procedures for Streamline Refinance Transactions Adoption of Home Valuation Code of Conduct Guidelines (some not all) Updated Appraisal

Studies Detail HUD’s Risk for HECM Loans

Shannon Hicks
Home Values, Loan Amounts, and Seniors Home values, loan amounts, and the way seniors use home equity conversion mortgages impact the Federal Housing Administration’s potential liability for its reverse mortgage program, recent studies show. If the Department of Housing and Urban Development had used the same home appreciation models for

Sen. McCaskill To Keep Pushing for Reverse Mortgage Reform

Shannon Hicks
Missouri Sen. Claire McCaskill, who has described reverse mortgages as “very dangerous,” will continue to push for further reforms of the reverse mortgage market, her spokeswoman said, after the Senate did not consider her amendment to a federal fraud enforcement bill that passed today. “Here’s the problem: we’ve got the people closing

Minnesota Attorney General Pushes Reverse Mortgage Legislation

Shannon Hicks
Minnesota’s legislators and attorney general, concerned about disreputable mortgage brokers and lenders taking advantage of seniors, have introduced a bill that would allow borrowers to rescind a reverse mortgage for up to 30 days. The legislation, introduced in both the state House of Representatives and Senate yesterday, states that borrowers

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