How a government shutdown could impact reverse mortgages
If a government shutdown happens, here are the likely reverse mortgage business impacts based on recent history and HUD’s contingency plan.
FHA
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Report suggests key HECM field office at HUD could be shut down
Among dozens of reported potential field office closures, one in Oklahoma has the potential to significantly impact the FHA-insured HECM program.
HMBS 2.0 rollout could be hobbled by reported Ginnie Mae staff cuts
A former official said that layoffs at Ginnie Mae could delay or table certain programs like HMBS 2.0, but a source familiar with HUD’s plans disputed any “drastic staffing cuts.”
Massive FHA cuts would create dysfunction for mortgage industry, homeowners: ex-official
A large-scale layoff at FHA could damage mortgage lenders and investors who rely on popular programs like Section 8 and Section 202, an ex official said.
These are the functions of the HUD offices targeted for mass firings
The White House and key leaders aimed at cost-cutting inside the federal government have reportedly trained their eyes on the U.S. Department of Housing and Urban Development (HUD), and that reporting suggests it is culminating in a series of cuts that could include as much as 50% of the department’s workforce of roughly 9,600 people. […]
Could government funding scrutiny come for reverse mortgage programs?
Reverse mortgage programs have performed well recently, according to HUD reports, but the Trump administration is bringing added scrutiny.
What awaits new HUD Secretary Scott Turner?
What awaits the new HUD Secretary, Scott Turner, President Trump’s former White House Opportunity Zone czar and NFL star?
New York bill would require reverse mortgage lenders to strengthen consumer disclosures
A New York state senator’s bill seeks to require lenders to offer more comprehensive reverse mortgage information to borrowers at least five days before closing.
Hawaii bill would establish state-run reverse mortgage program
The bill aims to address the rising cost of homeownership for older Hawaiians, or “kupuna,” and features nine sponsors in the legislature.
What will happen to HMBS 2.0 under Trump’s regulatory freeze?
HMBS 2.0 could make a big difference for reverse mortgage securities issuers, but a lack of concrete information leaves an implementation timeline unclear.