Mortgages, HUD, Reverse Mortgages

CFPB Imposes Bans from Reverse Mortgage Servicing, $11.5 Million Restitution, and $5 Million in Civil Money Penalties for...

Hudson Cook, LLP on 6/24/2024

The CFPB entered into consent orders with a Home Equity Conversion Mortgage ("HECM," also known as a "reverse mortgage") servicing contractor, its subcontractor, and two of its subcontractor's subsidiaries. The U.S....more

HUD Updates Home Equity Conversion Rules for Purchases

Sheppard Mullin Richter & Hampton LLP on 5/28/2024

On April 26, the U.S. Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2024-06, announcing changes to the Home Equity Conversion Mortgages (HECMs) for purchases (H4P loans), a mortgage program...more

HUD Revises the HECM Program in Response to Changing Market Conditions

Bradley Arant Boult Cummings LLP on 12/6/2023

Last week, the Department of Housing and Urban Development (HUD) revised multiple regulations and requirements related to servicing Home Equity Conversion Mortgages (HECMs, more commonly known as “reverse mortgages”), with...more

HUD Seeks Comment on Proposed Notice to Change HECM for Purchase Program to Expand Funding Sources and Interested Party...

Alston & Bird on 11/6/2023

A&B Abstract: On October 24, 2023, the U.S. Department of Housing and Urban Development (“HUD”) published, for public comment, a Federal Register Notice (“Proposed Notice”) to implement changes to the Federal housing...more

FHA Amends HECM Assignment Claim Type 22 Submission Requirements

Bradley Arant Boult Cummings LLP on 6/5/2023

Affirming its commitment to the senior citizen population, on May 17, 2023, the Federal Housing Administration (FHA) issued Mortgagee Letter 2023-10, implementing amendments to the Home Equity Conversion Mortgage (HECM)...more

New York Opens Significant New ‎Lending Market by Authorizing Reverse Mortgages Secured ‎by ‎Co-Op Apartments‎

Locke Lord LLP on 12/6/2021

The law does not take effect until mid-2022 and is subject to regulations to be promulgated by the ‎New ‎York Department of Financial Services. ‎ On December 1, 2021, New York Governor Kathy Hochul signed into law a bill...more

New York Enacts HECM Law

Alston & Bird on 1/10/2020

A&B ABstract: Effective March 5, 2020, New York Assembly Bill 5626 (“AB 5626”) regulates the origination and servicing of the federal U.S. Department of Housing and Urban Development (“HUD”) home equity conversion mortgages...more

House Financial Services Committee Meets to Discuss Improvements to FHA HECM Program

Bradley Arant Boult Cummings LLP on 10/2/2019

The U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance convened a hearing on September 25, 2019, to discuss the federal Home Equity Conversion Mortgage (HECM)...more

FHA Extends Non-Borrowing Spouse Protections

Bradley Arant Boult Cummings LLP on 9/26/2019

The United States Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2019-15, in which it announced several modifications to the Mortgagee Optional Election (MOE) Assignment claim process for Home...more

FHA Rule Reduces Barriers to Reverse Mortgages for Condominium Owners

Bradley Arant Boult Cummings LLP on 8/26/2019

After a nearly three-year delay, the U.S. Department of Housing and Urban Development (HUD) has finally released an update to its FHA condominium rules. The new rules, which take effect October 15, 2019, allow for FHA...more

Eleventh Circuit Rules Reverse Mortgage Companies Not Prohibited from Foreclosing on Non-Borrowing Spouses

Bradley Arant Boult Cummings LLP on 10/15/2018

Mortgagees of Home Equity Conversion Mortgages (“HECMs,” more commonly known as reverse mortgages) obtained a significant victory in an important federal appellate court, which ruled last month that non-borrowing spouses are...more

11th Circuit Rejects Reverse Mortgage Foreclosure Statute-Based Defense

BCLP on 10/11/2018

The Eleventh Circuit recently rejected a defense to foreclosure based on a federal statute governing insurance of reverse mortgages by the Department of Housing and Urban Development (“HUD”). HUD administers a...more

A New HUD Rule for Reverse Mortgages, with Additional Rule Changes Proposed in Congress

Hinshaw & Culbertson LLP on 11/6/2017

This past month, Washington was busy with rule changes and proposed legislation that underscores the ongoing debate over the origination and foreclosure of reverse mortgages. First, the U.S. Department of Housing and Urban...more

HUD Publishes Final HECM Rule

Bradley Arant Boult Cummings LLP on 3/28/2017

Last year, the Federal Housing Administration (FHA) released a set of proposed rules affecting Home Equity Conversion Mortgages (HECMs) for notice and comment. After receiving 83 comments and responses, the Department of...more

Appellate Court Holds HUD Regulations Don’t Provide Private Right of Action Unless Incorporated into Written Agreement

Ballard Spahr LLP on 8/9/2016

A federal appeals court recently decided that a plaintiff could not assert a claim against the issuer of a reverse mortgage for breach of regulations issued by the U.S. Department of Housing and Urban Development (HUD), when...more

HUD Announces Another Delay in Implementation of Property Charge Default Rules

Bradley Arant Boult Cummings LLP on 2/15/2016

On January 12, 2016, the U.S. Department of Housing and Urban Development (HUD) published its first Mortgagee Letter of the year, in which it again delayed the implementation of the sweeping changes related to Home Equity...more

Florida Court of Appeals Reverses Foreclosure of Reverse Mortgage by Expanding the Definition of “Borrower” to Include Surviving...

Ballard Spahr LLP on 8/12/2015

Home equity conversion mortgages, commonly known as “reverse mortgages” are popular loan products in Florida. In order to foreclose on a reverse mortgage, the lender generally must allege that all conditions necessary to...more

HUD Issues New Rules about Surviving Spouses Following Death of Reverse Mortgage Borrower

Bradley Arant Boult Cummings LLP on 2/5/2015

For the past year and a half, mortgagees of FHA-insured Home Equity Conversion Mortgages (“HECMs”), commonly referred to as reverse mortgages, have had to grapple with issues related to the foreclosure of homes occupied by...more

HUD Rule Allowing Lenders To Demand Immediate Reverse Mortgage Repayments from Widowers Violates Federal Law, Court Holds

Ballard Spahr LLP on 10/29/2013

A Washington, D.C., District Court ruled recently that a Housing and Urban Development (HUD) regulation allowing lenders to demand that widowers immediately repay reverse mortgage loans upon the death of their spouses...more

Mortgages › Department of Housing and Urban Development › Reverse Mortgages

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