Browsing Tag:Borrowers

far-launches-borrower-engagement-division-expands-private-help-for-reverse-mortgage-debtors
Finance of America Reverse (FAR) on Wednesday announced the creation of a new Borrower Engagement department that will provide lender reverse mortgage customers with access to a dedicated team of professionals who will help assist borrowers with any issues related to them their reverse mortgage as well as personal milestones and disruptions they may have during the life of...
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fha-additional-extends-pandemic-reduction-for-reverse-mortgage-debtors
In addition to providing new forbearance options for forward mortgage borrowers who remain affected by the ongoing COVID-19 coronavirus pandemic, the Federal Housing Administration (FHA) announced on Monday that home equity conversion mortgages (HECMs) borrowers will receive additional relief from previous action, but also taking into account certain forward and reverse mortgage borrowers newly affected by the problems and...
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training-nonetheless-stays-a-hurdle-for-potential-reverse-mortgage-debtors-nmp
The reverse mortgage industry has made some strides in educating its borrowers about the products on offer and how they can meet the needs of retired people. However, a report by Reverse Mortgage Daily 's Chris Clow highlighted some negative statements from potential borrowers published by the Washington Post.It is clear from the first comment that people are...
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fha-points-new-waivers-for-reverse-mortgage-debtors-impacted-by-pandemic
The Federal Housing Administration (FHA) announced Thursday that it has issued two partial waivers that will apply to the Home Equity Conversion Mortgage (HECM) program due to the ongoing impact of the COVID-19 coronavirus pandemic.These waivers allow borrowers to screen for future repayment schedules for unpaid real estate fees regardless of the total outstanding amount that has not yet...
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reverse-mortgage-trade-refinances-are-nice-however-new-debtors-nonetheless-wanted
Many participants in the reverse mortgage industry seem to agree with one core idea: The company's recent boom in refinancing volumes is generally good, especially when it comes to helping borrowers, but the borrower's proverbial "pie" is growing, will ensure the long-term success and profitability of the reverse mortgage product category.While certain individuals within the industry have differing views...
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in-midst-of-refinance-growth-reverse-mortgage-professionals-acknowledge-want-for-new-debtors
Over the past few months, reverse mortgage industry analysts have given the industry some warning. Although Home Equity Conversion Mortgage (HECM) volume has remained above 4,000 units per month for much of the past year, the number of HECM-to-HECM refinance transactions - up to 40% of total industry volume, it is estimated to total - is long no...
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biden-administration-declares-new-covid-19-aid-measures-for-fha-va-and-usda-debtors-ballard-spahr-llp
The Biden administration recently announced additional COVID-19 relief efforts for borrowers whose loans are insured or guaranteed by the Federal Housing Administration (FHA), the US Department of Veterans Affairs (VA), and the US Department of Agriculture (USDA). The action is designed to bring the options for such borrowers "closer to the options available to homeowners with Fannie Mae...
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fha-provides-covid-19-restoration-choices-for-ahead-and-reverse-debtors
The Federal Housing Administration announced additional COVID-19 recovery options to help homeowners in distress due to the pandemic.According to the FHA, the simplified COVID-19 recovery waterfall enables mortgage service providers to offer eligible homeowners who cannot resume their mortgage payments a reduction in the principal and interest portion of their monthly payments. The recent changes will provide guidance...
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