FHA Mortgages

Senior FHA Official to Headline Reverse Mortgage Commerce Affiliation Assembly

senior-fha-official-to-headline-reverse-mortgage-commerce-affiliation-assembly

Lopa P. Kolluri, Principal Deputy Assistant Secretary (PDAS) of the Office of Housing and the Federal Housing Administration (FHA), will deliver a keynote address for participants in the reverse mortgage industry at the upcoming National Reverse Mortgage Lenders Association (NRMLA) annual virtual meeting, which is beginning November. This is evident from an email notification that was distributed to the members of the association.

HUD | CC0Lopa P. Kolluri, Deputy Assistant Secretary of the Housing Office and FTA

Kolluri, who previously addressed the NRMLA Virtual Policy Conference in April, has been a key player in the FHA’s application of the Home Equity Conversion Mortgage (HECM) program guidelines since President Joe Biden’s inauguration in January. Ms. Kolluri is a housing expert with over 25 years of experience in affordable housing, community and economic development, who has held senior positions in the public and private sectors both as a practitioner and as a policy maker at all levels.

In her previous statements to and towards the reverse mortgage industry, Kolluri has shown her willingness to work with both the association and the industry to ensure that the U.S. Department of Housing and Urban Development (HUD) mission is in fulfillment the needs of seniors in need of help. Previously, she referred to three “common goals” between industry participants and government agencies.

These goals include ensuring that older Americans continue to “have the support and options they need to age in their own homes, if they choose”; Addressing the immediate needs of HECM borrowers affected by the COVID-19 coronavirus pandemic; and ensuring the HECM’s serviceability and financial status as a tool for American seniors, she said.

Her work since that speech and during Biden’s tenure has been numerous, most recently including a number of proposed changes to the HECM Program Guidelines to the Design Table for a Family, which will be available for review by mid-November.

It has also overseen the expansion of the reverse mortgage relief provision to pandemic-hit seniors; an extension of an eviction moratorium; New updates to the Single Family Housing Policy Manual 4000.1 (including in sections directly relevant to the reverse mortgage industry); and additional protection for non-borrowing spouses (NBS) on a reverse mortgage transaction.

Kolluri also oversaw revisions of various maintenance policies in the FHA Single-Family Housing Policy Handbook 4000.1, including application to the HECM program.

The virtual NRMLA annual meeting will take place from November 2nd to 4th via the popular video conferencing service Zoom. RMD will take part in the event virtually.

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