On November 16, 2023, in response to comments received on a prior draft Mortgagee Letter (ML) related to a Proposed Payment Supplement Partial Claim, the Federal Housing Administration (FHA) published another draft ML titled...more
On December 15, 2020, New York Governor Andrew Cuomo signed into law a bill that, among other things, requires reverse mortgage lenders in the state to notify the state’s Department of Financial Services (DFS) and mortgagors...more
During a COVID-19 press briefing at the White House on March 18, 2020, President Donald Trump announced that the Department of Housing and Urban Development (HUD) will temporarily suspend “all foreclosures and evictions.” The...more
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
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
10/15/2018
/ Borrowers ,
Contract Terms ,
Estate Planning ,
Foreclosure ,
HECM ,
Homeowners ,
HUD ,
Mortgage Lenders ,
Mortgages ,
Reverse Mortgages ,
Spouses ,
Surviving Spouse
As attorneys representing the financial services industry well know, the financial crisis of 2007-2008 resulted in a wave of foreclosures across the country as borrowers struggled to make payments on their mortgages.
The...more
Reverse mortgage lenders received a significant victory in Florida’s Third District Court of Appeal last week when the court issued its decision in OneWest Bank, FSB v. Palmero. After previously ruling in Smith v. Reverse...more
4/27/2018
/ Borrowers ,
Foreclosure ,
Judicial Foreclosure Process ,
Mortgage Insurance ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Promissory Notes ,
Reverse Mortgages ,
Spouses ,
Surviving Spouse
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