New York Governor Andrew Cuomo signed into law a bill prohibiting deceptive advertising and marketing of Home Equity Conversion Mortgage loans. The law takes effect March 5, 2020.
Proposed changes to the Section 502 Direct Home Loan and Grant Program would improve flexibility and make the DHLGP accessible to more low- and very-low-income rural borrowers.
Implementing a provision in the Blue Water Navy Vietnam Veterans Act, the guidance would allow a VA fee-panel appraiser to provide property valuation based solely on information provided by an entity with which it has a service agreement.
The department has recommended a scorecard to ensure FHA borrowers re-ceive financing that is appropriate and sustainable for long-term homeowner-ship. Meanwhile, the Treasury has outlined the new role Fannie Mae and Freddie Mac would play in a revamped housing-finance system.
Federal prosecutors have charged the top executive of defunct reverse-mortgage lender Live Well Financial for allegedly masterminding a $140 mil-lion bond fraud involving Home Equity Conversion Mortgage loans.
The agency has issued interim instructions for obtaining an FHA case number for a unit in an unapproved condominium project that will be processed as a single transaction.
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