The top three HECM lenders through the first nine months of 2022: American Advisors Group, Mutual of Omaha Mortgage and Finance of America...

Year-to-date, home equity conversion mortgage volume is up a dramatic 49.9% compared to last year. But volume dropped sequentially for the first time in seven quarters. (Includes three data charts.)

Senate passes VA home loan benefit legislation; FHA allows HECM property charges repayment plan; FHA lenders can continue face-to-face interview alternatives; VA releases new loan review API; and more.

FHA announces 2023 loan limits; VA circular describes interplay of conforming loan limits and VA entitlement; Ginnie makes VA lending recommendations; Ginnie offers new flexibilities for issuer financial eligibility requirements; FHA extends temporary loss-mitigation waivers; HUD IG issues reverse mortgage scam warning.

All 10 of the top management challenges facing the Department of Housing and Urban Development last year, including mitigating counterparty risk to mortgage programs, remain, the HUD Inspector General reported last week. 

Leaving the choice of index to the noteholder could lead to volatile payment amounts and default for the borrower as well as problems for FHA’s Mutual Mortgage Insurance Fund, the group says. 

Although FHA is required to maintain a minimum 2% capital ratio, there’s nothing in its Congressional mandate that speaks to a maximum.

The Department of Housing and Urban Development has issued a 90-day moratorium on foreclosures of FHA mortgages, among other measures.

Lenders funded $17.71 billion of home-equity conversion mortgages during the first six months of the year as housing wealth continues to grow among homeowners 62 and older. (Includes three data charts.)

FHA and VA forward endorsements continued to trend downward during the second quarter of 2022 despite an increase in purchase-mortgage business guaranteed by the two government agencies. (Includes three data charts.)