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FHA
Federal Housing Administration
The Federal Housing Administration, generally known as "FHA", provides mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. It is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934.
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New HUD Counseling Protocol
The Department of Housing and Urban Development has revised the Housing Counseling Handbook, 7610.1 REV-5, which was posted to HUDClips on July 13, 2010. . . . keep reading
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HUD Assumes Control over new SAFE Act
The US Department of Housing and Urban Development published a proposed rule which would set the minimum standards that states must meet to comply with the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act) in licensing both forward and reverse mortgage loan originators... . . . keep reading
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HUD is Hosting RESPA Webcast Today
The Department of Housing and Urban Development is hosting a webcast titled, Clarifying the New RESPA Rule, today from 1:30 -- 3:30 pm EDT. This webcast applies to both forward and reverse. . . . keep reading
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New RESPA Rule FAQs
The "New RESPA Rule FAQs" were comprised from industry questions and are posted to facilitate implementation of these new requirements. . . . keep reading
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HUD Mortgagee letter 2010-07
ML 10-07 updates the following documents Home Equity Conversion Mortgage (HECM) Loan Agreement Revisions to the model HECM Loan Agreement Exhibits Fannie Mae Form 1009.... . . . keep reading
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HECM Principal Loan Limit (PLF) Factors
HECM Principal Limit Factors (PLF) provide the percent of maximum claim amount allowable in cash draws, given the age of the borrower(s) and "expected" interest rate for the loan. The table provided here gives PLFs for ages 62-99 and interest rates from 3.00 percent to 18.75 percent. . . . keep reading
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New RESPA Rule FAQs
Check out the new RESPA GFE rules releative to HECM's. You can see the Q & A on pages 24-28. You may want to print these out to review. . . . keep reading
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HECM for Purchase
Frequently Asked Questions
HUD
The HECM for purchase program was designed to allow seniors to purchase a new principal residence and obtain a reverse mortgage within a single transaction. The program was also designed to enable senior homeowners to relocate to other geographical areas to be closer to family members or downsize to homes that meet their physical needs, i.e., handrails, one level properties, ramps, wider doorways, . . . keep reading
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Coaching/Consulting
