Due to continued liquidity constraints in the reverse mortgage space, Ginnie Mae has begun exploring a new securitization product that would accept HECM loans with balances above 98% of FHA’s Maximum Claim Amount.
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In its Annual Report to Congress for fiscal year 2023, the FHA detailed the work of its single-family mortgage insurance programs in fiscal year 2023, including updates on credit access, capital in the MMI Fund, and delinquency rates of mortgages in its portfolio.
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New proposal seeks stakeholder feedback to ensure long-term viability for the HECM program and expanded availability for senior homeowners.
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The FHA has proposed changes to the Home Equity Conversion Mortgage Program geared toward improving program stability and to adapt to changing market conditions. Full details after the link.
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Changes to Ginnie Mae’s HMBS program will improve issuer liquidity and provide issuers with continuous access to capital market sources of funding to securitize HMBS participation.
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New policies set forth by the FHA in Mortgagee Letter 2023-10 will shorten the timeframe for mortgagees to receive Home Equity Conversion Mortgage assignment funds.
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Keeping in line with the steep increase of housing prices nationwide, the FHA has set forth its Single-Family Title II forward and Home Equity Conversion Mortgage loan limits for the upcoming calendar year.
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The two agencies announced the renewal of protections for homeowners and tenants as a federal ban aiming to prevent a wave of homelessness expires this weekend.
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