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Mortgagee Optional Election Assignment for Home Equity Conversion Mortgages (HECMs)

On June 12, the Federal Housing Administration (FHA) published Mortgagee Letter 2015-15, Mortgagee Optional Election Assignment for Home Equity Conversion Mortgages (HECMs) with an FHA Case Number assigned prior to August 4, 2014.  This Mortgagee Letter sets out an alternative path to claim payment, the…

FHA Extends HECM Reasonable Diligence Timeframe

After releasing 3 Mortgagee Letters concerning various aspects of the Home Equity Conversion Mortgage (HECM) program in a few days, FHA announced on April 30 that is is immediately rescinding Mortgagee Letter 2015-03. The agency’s new stance is that cases with numbers issued before August…

HUD’s HECM Week

The U.S. Department of Housing and Urban Development (HUD) has released three Mortgagee Letters about the Home Equity Conversion Mortgage (HECM, or reverse mortgage) in the last week. The three letters cover loss mitigation guidance for HECMs in default due to unpaid property charges, HECM…

Edward Golding to Take Helm of FHA (Mostly) on April 7

In an effort to further the expansion of access to mortgages and homeownership, the Department of Housing and Urban Development (HUD) has tapped Edward Golding to become the next head of the Federal Housing Administration under the new title of “principal deputy assistant secretary.” The…

Proposed Changing of the Guard at CFPB

Curious about Republican attempts to restructure the CFPB? Find out more at Landmark's blog.

Fannie Mae and Freddie Mac Shutdown Could Jolt US Housing Market

the shutdown of the government sponsored enterprises Fannie Mae and Freddie Mac could send a shock waves through the U.S. housing market.