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FHA Updates Catalyst Software for Forward and Reverse Mortgages

The Federal Housing Administration (FHA) on Monday announced a series of updates for its case binder software module “Catalyst,” implementing what it describes as “several enhancements” to improve the speed, accuracy and security of the system. This is according to an FHA informational notice distributed to RMD. “These enhancements will allow mortgagees to respond more quickly, securely, and accurately to FHA’s request for electronic case binders, while receiving updates on submission statuse...
Tags: Finance, Hud, FHA, Federal Housing Administration FHA, Lender Electronic Assessment Portal LEAP, FHAC, FHA Catalyst, FHA Updates Catalyst Software for Forward, Read FHA

A Black homeowner had her white friend represent her during an appraisal. The value of her home shot up by $149,000.

FREDERIC J. BROWN / Contributor/Getty Images The Indianapolis Star reported that appraisers undervalued a Black resident's home because of her race. This undervaluation dates back decades to when Black neighborhoods were deemed financially risky. Lawmakers introduced legislation in recent months to combat racial disparities in homeownership. See more stories on Insider's business page. With the pandemic-era ability to work from home, the desire for homeownership has been on the ri...
Tags: Trends, Star, Missouri, Hud, Indianapolis Star, Franklin Delano Roosevelt, Cleaver, Black, Duffy, Central Indiana, Brookings, Department of Housing and Urban Development HUD, Frederic J Brown, Brookings Institute, Andre Perry, Federal Financial Institutions Examination Council

Gov’t Watchdog Finds HUD Secretary Violated Ethics Rule

The U.S. Office of Special Counsel (OSC) in Washington, D.C. has concluded that U.S. Department of Housing and Urban Development (HUD) Secretary Marcia Fudge violated a longstanding ethics law known as the “Hatch Act,” according to a letter obtained by Politico. “As HUD Secretary, Ms. Fudge is covered by the Hatch Act, a law that governs the political activity of federal executive branch employees,” the letter reads. “The Hatch Act prohibits covered employees from, among other things, using ...
Tags: Featured, Washington Post, Washington, Finance, Senate, White House, Politico, Hud, Ohio, Biden, Donald Trump, Fudge, Democratic Party, Sen Portman, FHA, OSC

HUD Secretary violated the Hatch Act, Office of Special Counsel concludes

The US Office of Special Counsel has concluded that Secretary of Housing and Urban Development Marcia Fudge violated the Hatch Act, the law that limits the political activities of all federal civilian executive branch employees, when she commented on Ohio politics from the White House podium earlier this year.
Tags: White House, Cnn, Hud, Ohio, US Office of Special Counsel, Housing and Urban Development Marcia Fudge, Hatch Act Office of Special Counsel

Federal investigators say HUD Sec. Marcia Fudge violated the Hatch Act

HUD Secretary Marcia Fudge was found to have violated the Hatch Act during a public appearance, according to independent investigators.       [Author: USA TODAY]
Tags: Usa, News, Hud, Usa Today, Marcia Fudge

Trial Date Set for Reverse Mortgage Lender as Dismissal Motion is Pending

A trial date has been set for a dispute stemming from a complaint filed by the U.S. Department of Justice (DOJ) against reverse mortgage lender Nutter Home Loans (formerly known as James B. Nutter & Co.), stemming from a complaint filed by DOJ against the lender last fall. This is according to court documents obtained by RMD, as well as statements shared by representatives for DOJ and legal counsel for the lender. As the DOJ alleges in the original complaint filed last year, Nutter allegedly ...
Tags: Featured, Finance, Joe Biden, United States, Fca, Davis, Hud, Department Of Justice, District Of Columbia, Doj, OIG, Ben Carson, Cfo, Company, The Company, FHA

Mortgage Expert: Reverse Mortgages Have Evolved into Much Better Loans

A mortgage expert and analyst describes that reverse mortgages have evolved considerably from complex and confusing financial instruments into well-structured tools for greater flexibility in retirement, due in no small part to additional protections handed down to borrowers involved in the Home Equity Conversion Mortgage (HECM) program sponsored by the Federal Housing Administration (FHA) and the U.S. Department of Housing and Urban Development (HUD). This is according to Keith Gumbinger, vi...
Tags: Featured, Education, Finance, United States, Social Security, Hud, FHA, Kiplinger, HSH, Federal Housing Administration FHA, HECM, Keith Gumbinger, Gumbinger

Borrowers Advised of ‘Strange’ Incoming Letter Detailing LIBOR Shift

Borrowers of adjustable-rate forward and reverse mortgages as well as home equity lines of credit (HELOCs) are being advised to stay on the lookout for a “strange” notice they’re likely to receive in the mail, with a subject concerning the impending transition away from the London Interbank Offered Rate (LIBOR) index. This is according to a new piece published by The shift away from LIBOR will mean a change in the way the rate is determined each time the adjustable-rate mortgage (A...
Tags: Featured, Education, Finance, Libor, Hud, ARM, FHA, Irwin, Steve Irwin, Showalter, FAR, Federal Housing Administration FHA, HECM, AAG, American Advisors Group AAG, NRMLA

Reverse Mortgage Industry Welcomes Newest Non-Borrowing Spouse Protections

Late last week, the Federal Housing Administration announced a new series of protections which will apply to all eligible non-borrowing spouses (NBS) of Home Equity Conversion Mortgage (HECM) borrowers, expanding the range of qualifying criteria for such NBS, eliminating a requirement for certain NBS to produce marketable title to the secured property, and amending qualification requirements for the NBS of borrowers who have to move out of the home for health reasons. The last substantive NBS...
Tags: Finance, Hud, Association, FHA, Irwin, Steve Irwin, Federal Housing Administration, LaRose, Nbs, HECM, Mortgagee Letter, Principal Residence, NRMLA, Leslie Flynne, Celink, Ryan LaRose

Reverse Mortgage Counselors Outperform Others in Gaining HUD Certification

In fiscal year 2020, 70,519 clients received counseling for Home Equity Conversion Mortgage (HECM) loans, and thus far in fiscal year 2021 an additional 19,156 clients have received such counseling. This is according to statistics shared with the reverse mortgage industry by David Berenbaum, deputy assistant secretary in the U.S. Department of Housing and Urban Development (HUD)’s Office of Housing Counseling. While there was a small overall drop in total housing counseling sessions in 2020, ...
Tags: Featured, Congress, Finance, Hud, Biden, Berenbaum, HECM, Counseling, Office of Housing Counseling, NRMLA, U.S. Department of Housing and Urban Development, David Berenbaum, American Rescue Plan, Office of Housing Counseling While

How a homeless man lost federal aid by trying to move into a new apartment and start contributing rent

Activists talk about the best ways to reinforce the barricades with the material available to them near the entrance to Camp JTD in Philadelphia on September 9, 2020. Cory Clark/NurPhoto via Getty Images Only one in four eligible families who apply for housing vouchers end up receiving them. Derrick Henderson told Insider he had a voucher but lost it, even though he was just looking to move. Experts said HUD's housing voucher program needs increased funding and a more streamlined proce...
Tags: Cdc, Trends, Joe Biden, Hud, Philadelphia, Department Of Justice, Biden, Henderson, Brown, Houston Texas, Center on Budget and Policy Priorities, Department of Housing and Urban Development HUD, Center for Disease Control and Prevention, Greg Brown, National Apartment Association, Cory Clark NurPhoto

FHA Announces New Protections for Reverse Mortgage Non-Borrowing Spouses

The Federal Housing Administration (FHA) on Thursday announced new amendments to non-borrowing spouse (NBS) provisions for the Home Equity Conversion Mortgage (HECM) program, implementing additional protections for such spouses involved in a government-sponsored reverse mortgage. This is according to the publication of Mortgagee Letter (ML) 2021-11. The agency details that while HECM mortgagees can begin using the new procedures immediately for all new HECMs, those electing not to do so will ...
Tags: Finance, Hud, FHA, Nbs, Federal Housing Administration FHA, HECM, Mortgagee Letter, Principal Residence, Lopa P Kolluri, Mortgagee Optional Election MOE Assignments, MOE Assignment, Office of Housing and the FHA

Rising Senior Home Equity and Reverse Mortgage Volume Remain Far Apart

As noted by the most recent tabulation conducted by the National Reverse Mortgage Lenders Association (NRMLA) and data analytics firm RiskSpan, homeowners aged 62 and older saw their collective housing wealth increase in Q4 2020 by 3% compared to the previous quarter. This constitutes an increase of approximately $234 billion to a record of $8.05 trillion, according to the Reverse Mortgage Market Index (RMMI). However, in spite of that rise in home equity for seniors, reverse mortgages themse...
Tags: Featured, Education, Finance, Hud, Boston College, CFPB, Dave Gardner, Consumer Financial Protection Bureau CFPB, NRMLA, CRR, RMMI, Alicia Munnell, Center for Retirement Research, Boston College Center for Retirement Research CRR

Former Deputy HUD Secretary, Other Former FHA Staffers Launch New Advisory Firm

Former Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD) Brian D. Montgomery has launched a new advisory firm based in Washington, D.C. focused within the financial services, mortgage lending/servicing, community development, and public housing sectors. The new endeavor, Gate House Strategies LLC, will focus on Federal Housing Administration (FHA)/Government National Mortgage Association (GNMA, or “Ginnie Mae”)/HUD and Fannie Mae/Freddie Mac policy and programmati...
Tags: Washington, Finance, Hud, Montgomery, Trump, FHA, Michael Marshall, Fannie Mae Freddie Mac, Ginnie Mae, Keith Becker, Brian D Montgomery, FHA Staffers Launch New Advisory Firm, House Strategies LLC, Public Indian Housing Hunter Kurtz, Policy Development Research, Dror Oppenheimer

With Washington Still Busy, Major Reverse Mortgage Movement Remains Unlikely

While signs of improvement and recovery from the worst of the COVID-19 coronavirus pandemic are starting to feature more prominently across the United States, federal politicians in Washington, D.C. are consumed with a raft of proposed legislation aimed at strengthening the post-pandemic recovery period along with competing ideas between the Democratic and Republican sides of the aisle in Congress. In addition, a surprising turn of events in November placed the House of Representatives, Senat...
Tags: Featured, Congress, Washington, Finance, Senate, White House, America, Georgia, Legislation, Joe Biden, United States, Hud, The White House, Kamala Harris, Arlington VA, Nashville Tenn

Cognixion’s brain-monitoring headset enables fluid communication for people with severe disabilities

Of the many frustrations of having a severe motor impairment, the difficulty of communicating must surely be among the worst. The tech world has not offered much succor to those affected by things like locked-in syndrome, ALS, and severe strokes, but startup Cognixion aims to with a novel form of brain monitoring that, combined with a modern interface, could make speaking and interaction far simpler and faster. The company’s One headset tracks brain activity closely in such a way that the wearer...
Tags: Startups, TC, Gadgets, Wearables, Science, Hardware, Tech, Accessibility, Artificial Intelligence, Disability, Hud, Fda, Disabilities, Brain-computer Interface, Alexa, Eeg

FHA Official: Prior Mortgagee Letter Guidance for Reverse Mortgages Could be Consolidated in 2021

The currently senior-most official with the Federal Housing Administration (FHA) indicated last week that all the previous FHA Home Equity Conversion Mortgage (HECM) program guidance handed down to the reverse mortgage industry via Mortgagee Letter (ML) could be considered voluminous for new and existing industry participants, and FHA is currently looking at ways in which to consolidate all previous HECM program guidance into the Single Family Housing 4000.1 Handbook. This is according to Pri...
Tags: Congress, Finance, Senate, Barack Obama, Hud, FHA, Oval Office, Irwin, Steve Irwin, Federal Housing Administration FHA, HECM, Mortgagee Letter, Marcia Fudge, NRMLA, Kolluri, Mortgagee Letter ML

Reverse Mortgage Industry Poised to Try Again for New York Co-Op Business

Although the reverse mortgage industry worked diligently to assist in the development of legislation related to reverse mortgage loans on housing co-operatives in the state of New York, the efforts of all involved ultimately came up short due to the passed legislation being vetoed by Governor Andrew Cuomo at the end of 2019. However, the industry is preparing to try again in assisting with a new piece of legislation aimed at providing reverse mortgage-style loans to co-op residents. This is a...
Tags: New York, Washington, Finance, Senate, Hud, Andrew Cuomo, Cuomo, State Assembly, FHA, Irwin, Steve Irwin, National Reverse Mortgage Lenders Association, New York State Senate, Shahin, NRMLA, RMD

FHA Senior Housing Official Talks Reverse Mortgage Updates, Policy Priorities

While the U.S. Department of Housing and Urban Development (HUD) has a lot of key leadership positions that remain to be filled as the nation approaches the 100th day of the Joe Biden administration – including the critical roles of Federal Housing Administration (FHA) Commissioner and Deputy HUD Secretary – at the moment the senior FHA authority belongs to Principal Deputy Assistant Secretary (PDAS) for the Office of Housing and the FHA Lopa P. Kolluri. Ms. Kolluri is a housing expert with o...
Tags: Finance, Joe Biden, Treasury, Hud, Fudge, FHA, Federal Housing Administration FHA, HECM, Marcia Fudge, NRMLA, London Interbank, Kolluri, Office of Housing, NRMLA CEO Peter Bell FHA, COVID, Office of Housing and the FHA Lopa

Lawmakers focus on farmers, counties struggle with vacation rental laws, Mauna Kea working group comes together as TMT gets nod for runoff permit, more news from all the Hawaiian Islands

Hawaii farmers market pre-COVID ©2021 All Hawaii NewsBill would require 10% of Hawaii-bought produce to be local. The legislation, if approved by Ige, would mandate that a minimum of 10% of produce purchased by state departments be grown locally by 2025. That percentage requirement would increase every five years to 50% by 2050. Associated Press.Hawaii’s Food Hubs Find Strength In Numbers. A group of food hubs came together to support legislation that would win them new access to grant m...
Tags: Travel, Congress, Australia, China, Hawaii, Hud, City Council, Smith, Big Island, Hawaii Island, Maui, Department Of Health, State, Honolulu, Legislature, Hart

"Housing the Decarcerated"

The title of this post is the title of this new paper authored by Norrinda Hayat now available via SSRN. Here is its abstract: The coronavirus pandemic exposed an issue at the intersection of the public health, carceral and housing crises — the lack of housing for the recently decarcerated.  Early in the pandemic calls came to release incarcerated persons and cease arrests in light of the risks posed by failing to be able to socially distance while incarcerated.  At the same time, the pandemic ...
Tags: Supreme Court, Law, Hud, Michigan, Ada, New York Washington, Rucker, Douglas A Berman, Norrinda Hayat

10 Things in Politics: DOJ treads lightly on Trump

Donald Trump. Oliver Contreras/Getty Images Good morning! Welcome back to 10 Things in Politics, your weekday look at the biggest stories in DC and beyond. Sign up here to receive this newsletter.Send tips to [email protected] or tweet me at @BrentGriffiths.Here's what we're talking about:All signs point to DOJ Trump investigation taking a backseat to Georgia and New York probesBiden's climate pledge faces an enormous challenge5 experts who will vote on the fate of J&J&#...
Tags: Energy, Politics, New York, Abc, Washington, Senate, White House, China, India, US, Newsletter, Dnc, Trends, Georgia, Reagan, Cnn

HUD Revokes Trump Rule Allowing Transgender Discrimination In Homeless Shelters

The rule would have allowed single-sex shelters to turn away transgender people.
Tags: News, Hud

Ben Carson joins board of directors of largest homebuilder in US

The largest homebuilder in America, D.R. Horton, announced it appointed former HUD Secretary Ben Carson to its board of directors.
Tags: Board of Directors, US, America, Radio, Hud, Ben Carson, Industry News, R Horton, Select, U.S. Department of Housing and Urban Development, D.R. Horton

HUD scraps Trump proposal on transgender access to single-sex homeless shelters

The Trump rule would have rolled back transgender protections included in HUD’s 2016 Equal Access rule, which mandated access to shelter...
Tags: Hud, Trump

To ensure inclusivity, the Biden administration must double down on AI development initiatives

Miriam Vogel Contributor Share on Twitter Miriam Vogel is the president and CEO of EqualAI, a nonprofit organization focused on reducing unconscious bias in artificial intelligence. More posts by this contributor Biased AI perpetuates racial injustice The National Security Commission on Artificial Intelligence (NSCAI) issued a report last month delivering an uncomfortable public message: America is no...
Tags: Amazon, America, Tech, NEC, Hud, Biden, HARRIS, Tim Wu, NSC, Department of Labor, Kurt Campbell, Alondra Nelson, Consumer Finance Protection Bureau CFPB, Miriam Vogel, EqualAI, NSCAI

HUD Revises Single-Family Servicing Policies, Including for Reverse Mortgages

The U.S. Department of Housing and Urban Development (HUD) this week announced that single-family mortgage servicing and loss mitigation policies on both the forward and reverse sides of the business have been updated, which includes the codification of new reverse mortgage policies as well as the either outright or partial rescinding of certain Mortgagee Letter (MLs) that have application to the Home Equity Conversion Mortgage (HECM) program. This is according to announcements and published ...
Tags: Finance, Hud, Donald Trump, Ben Carson, FHA, Shaffer, LTV, Federal Housing Administration FHA, HECM, Mortgagee, Kolluri, Single Family Housing Handbook, Lopa Kolluri, Julie Shaffer

In pandemic, housing authority letters omit key tenant protection info

By Amy Martyn | CalMatters Public housing authorities in California, especially Los Angeles, have left critical coronavirus relief information out of letters sent to tenants. Advocates say the lack of information could lead to tenants evicting themselves when they don’t have to. Not long after Gladys Garcia obtained a restraining order against her husband last August, letters arrived in her mailbox saying that her ex owed thousands of dollars in unpaid rent and faced possible eviction. The lette...
Tags: Business, News, Congress, California, Housing, La, Los Angeles, Sport, Soccer, Hud, Rent, Vega, Affordable Housing, Garcia, Housing Authority, LA County

NRMLA Submits Reverse Mortgage Servicing, Rate Comments to HUD

The National Reverse Mortgage Lenders Association (NRMLA) submitted two sets of comments this week to the U.S. Department of Housing and Urban Development (HUD) regarding specific issues relevant to the Home Equity Conversion Mortgage (HECM) program. In one set of comments, NRMLA advised HUD that two sets of forms required for servicers are now obsolete due to usage in an electronic filing system, while another set requested clarification from the Department about a Mortgagee Letter (ML) publ...
Tags: Finance, Hud, Department, FHA, CMT, HECM, Ginnie Mae, Mortgagee Letter, NRMLA, Reverse Mortgage Solutions, London Interbank Offered Rate Libor, Reverse Technology Group RTG, HUD HERMIT, Mortgagee Letter ML, HUD NRMLA, NRMLA However NRMLA

Secretary Fudge Joins NAR, The Memorial Foundation to Honor, Build Upon Dr. King’s Dream of Fair Housing

Washington, D.C. – April 15, 2021 ( Department of Housing and Urban Development Secretary Marcia Fudge joined leadership from the National Association of Realtors® and The Memorial Foundation(link is external) on Thursday for a conversation about fair housing and Dr. Martin Luther King, Jr.’s enduring legacy in the fight to secure equal housing opportunity in America. “The Past, Present, and Future of Fair Housing(link is external)” was held as the nation continues its recognition of...
Tags: Real Estate, News, Washington, America, Radio, Hud, Johnson, Martin Luther King Jr, Fudge, NAR, Brien, Soledad O Brien, Martin Luther King Jr Memorial, National Association of Realtors, Department of Housing and Urban Development, Real Estate News