Tag Archives: FHA

RMG NEWS : Origination Volume Up 25% in FY 2009

Volume of the FHA’s Home Equity Conversion Mortgage (HECM) grew to $30.2 billion in Fiscal Year 2009 according to budget documents released earlier this week. Despite only a slight increase in endorsed units, max claim volume grew 25% compared to … Continue reading

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RMG NEWS : Legislation Update

Senator Chris Dodd (D-CT) and President Obama met face-to-face on Tuesday. Reports suggest that Dodd may drop the proposed Consumer Financial Protection Agency from the emerging Senate Financial Services Bill, in order to gain the support of some Republicans and … Continue reading

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More Realtor Education Needed to Increase HECM For Purchase Volume

With the FHA predicting a surge in Home Equity Conversion Mortgages (HECM) for Purchases next year to 3,420, up from 423 in 2009’s fiscal year, it seems a little surprising that the industry isn’t more optimistic about the program. “Everyone … Continue reading

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RMG NEWS : The FHA Steps Up In Times Of Need

Every time the HUD makes a change or looks at its financial stability, the question arises: Should the government really be involved in homes and loans? Some members of Congress would like to see the FHA taken out of the HUD … Continue reading

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RMG NEWS : Fannie Mae Updates 1009 Loan Application

Fannie Mae (FNMA) has updated its reverse mortgage loan application (1009). The GSE updated the 1009 to comply with the Federal Housing Finance Agency (FHFA), and the Federal Housing Administration (FHA) requests to capture additional data during the loan origination/application … Continue reading

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Trading Home Equity for Cash

In this near-frozen credit environment potential borrowers still find most home mortgages tough to get; a major exception is reverse mortgages.  Available for homeowners over 62 years of age, reverse mortgages have been representing a growing market for the past … Continue reading

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RMG NEWS : Reverse Mortgage Amendment Passes the House with Overwhelming Support

Financial Services Bill H.R. 4173 passed in the House of Representatives this afternoon by a vote of 223-202.  Included with it was the Reverse Mortgage Amendment proposed by Congresswoman Jan Schakowsky and Congresswoman Dina Titus.  The Amendment passed overwhelmingly by … Continue reading

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RMG NEWS : FHA Developing Mathematical Method to Determine Reverse Mortgage Eligibility

In the coming months the Federal Housing Administration will issue preliminary regulations that will be the first step in developing a method to mathematically determine a borrower’s eligibility for a reverse mortgage, according to Meg Burns, director of Single Family … Continue reading

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RMG NEWS : HUD Extends Higher Loan Limit for FHA Reverse Mortgage Program

The US Department of Housing and Urban Development (HUD) officially extended the loan limits for its FHA-insured reverse mortgage program with Mortgagee Letter 2009-50. The changes are effective immediately for loans closed on or after February 24, 2009. According to … Continue reading

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RMG NEWS : Reverse Mortgages Face The Music

In the last fiscal year, mortgage lenders funded 114,692 reverse mortgages under the FHA’s HECM program. Five years ago just 43,000 of reverse mortgage loans were written. Until a year ago, the reverse mortgage niche looked like a safe bet … Continue reading

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