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NRMLA
Anticipates Movement on FHA Modernization
Bill
NRMLA is hopeful that the FHA modernization
bill (H.R. 1852) will start moving in the next couple weeks and be
voted on by the full House of Representatives after the July 4th
recess.
Sponsored by Financial Services Committee
Chairman Barney Frank (D-MA) and Rep. Maxine Waters (D-CA), the bill
would: 1) Permanently eliminate the HECM loan cap; 2)
Permit HECM for home purchase; 3) Allow HECMs on housing
cooperatives; and 4) Require HUD to study the impact of reducing
mortgage insurance premiums, and exempting borrowers from paying any
MIP if all, or a portion, of the loan proceeds are used to purchase
long-term care insurance.
In addition, H.R. 1852 would increase
lending limits for all FHA programs, especially in high-cost areas,
like California, New York and Massachusetts by raising FHA's maximum
mortgage limits to 100 percent of an area's median home
price.
Over the past couple weeks, NRMLA has been
negotiating with other stakeholder groups to remove a provision that
would lower origination fees on HECMs to no more than 2% of the
"original principal limit of the mortgage." Stay tuned for
further updates.
PBS To
Feature Reverse Mortgages in Retirement
Series
NRMLA President Peter Bell will be
interviewed next month for a PBS documentary series called
Retirement in America.
The four-part series will focus on the
history and evolution of retirement, followed by episodes on
retirement benefits, national challenges, and close with How
You Can
Plan, Save, and Invest for Retirement with Skill and Success,
featuring a discussion about reverse mortgages and what role they
might play in a household’s retirement plans.
Bell will be joined
on camera by some three dozen experts, including Jeremy Siegel of
the Wharton School at the University of
Pennsylvania
and former Federal Reserve chairman Alan Greenspan. In
addition, the "Retirement" series will examine the financial lives
of a dozen typical American households ranging from uncertain
singles to happily retired grandparents, from the inner city to the
Great Plains, from the working
class to the upper middle class.
The programs are expected to air in March of
2008.
Ginnie Mae Issues HECM MBS
Reference Guide
In preparation for launching its HECM
Mortgage-Backed Securities program in September, Ginnie Mae has
published a 79-page reference guide for interested parties to learn
the program rules and requirements.
The document defines Ginnie Mae
requirements, describes anticipated process flow for HMBS pool
originations, and lays out ongoing administration and accounting
guidelines. In addition, the guide provides information about the
files, records and data elements that are required to be transmitted
monthly.
To download a copy, visit NRMLAOnline.org, or contact Justin Burch, at
202-475-7804 or Justin.D.Burch@hud.gov.
NRMLA Supporting 6th Annual Reverse Mortgage
Day of Texas
With the continued support of NRMLA, the 6th
Annual "Reverse Mortgage Day in Texas" is coming back to Austin on
Monday, August 20th. The seminar will be at the Driskill Hotel
(www.driskillhotel.com) from 9:30 A.M. to 3:30
P.M.
The cost of the event is $60 per person
before August 6th—$75 after the 6th—including lunch. There is no
cost for housing counselors or government
employees.
To learn more, contact Scott Norman,
President of the Texas Reverse Mortgage Lenders Association, at scott.norman@generationmortgage.com.
 CONSUMER BOOKLETS AVAILABLE
As a benefit of membership in NRMLA, the
association has developed informational booklets for consumers to
learn about the reverse mortgage program. The booklets
include:
- Just
the FAQs: Answers to Common Questions About Reverse Mortgages
(also available in Spanish)
- Using
Reverse Mortgages for
Healthcare: A NRMLA Guide to Consumers
- NRMLA
Guide to Aging In Place
- Use
Your Home to Stay at Home: A Guide for Consumers Who Need Help
Now
- Use
Your to Stay at Home: A Planning Guide for Older
Consumers
- Use
Your to Stay at Home: A Guide for Reverse Mortgage
Lenders
 NRMLA members have found
these guides to be a useful resource for clients. Our
Just the
FAQs booklet, for instance, provides helpful,
easy-to-understand information about the loan application process
for reverse mortgages, fees and interest charges, how much is owed
when the reverse mortgage comes due, and consumer
safeguards.
To purchase copies of NRMLA's consumer
guides for distribution go
to NRMLAonline.org or contact Brian Nagendra or by telephone at
202-939-1745. |
