Reverse mortgage servicing safeguard might help LA borrowers
A 2023 safeguard introduced in reverse mortgage servicing software could help borrowers in Los Angeles avoid foreclosure.
HUD
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Chicago-area contractor sentenced to 17 years in prison over reverse mortgage scam
The U.S. Department of Justice (DOJ) announced this week that Mark Steven Diamond, who was accused of “bilking elderly homeowners in a reverse mortgage and home repair scheme,” was sentenced to 17 years in federal prison by the U.S. District Court for the Northern District of Illinois.
HUD settles with PHH over alleged mortgage payment fees that violated FHA rules
HUD has settled with PHH over fees the company allegedly attached to mortgage payments. The department called the settlement “historic.”
Wildfire damage with a reverse mortgage? Here’s what to do
First and foremost, borrowers need to contact their servicer immediately if their home is damaged by wildfire, experts said.
As LA fires burn, reverse mortgage industry emphasizes need for servicer, insurer contacts
Los Angeles County has the highest concentration of HECM borrowers in the country, and the industry is moving to respond.
HUD announces $12B in long-term disaster assistance across 24 states
The funds will aim to support multiple communities impacted by hurricanes, wildfires and more in 2023 and 2024.
Trump’s pick to lead HUD has opposed aid programs for the poor
A ProPublica report examined prior statements and legislative activity by Turner, who dismissed the report as painting a “negative picture.”
HUD announces new partnerships, funding to address skyrocketing homelessness
The United States saw an 18.1% increase in homelessness this year, attributed to a lack of affordable housing, devastating natural disasters and a surge of migrants in several parts of the country, the U.S. Department of Housing and Urban Development (HUD) reported on Friday in its January 2024 Point-In-Time Count Report. The report found more […]
Reverse mortgage book inside MMI Fund continues to evolve
The FHA said the estimated economic net worth of the HECM MMI stood at $17.4 million this year, up from $15.4 million last year.
NRMLA’s Steve Irwin on FHA report, HECM changes and more
NRMLA’s president discusses the association’s outlook for the industry and the condition of the FHA’s Mutual Mortgage Insurance Fund.