FHA is instructing lenders to provide a second independent property appraisal in cases where FHA determines there may be inflated property valuations.
Financial Freedom Settles Alleged Liability for Servicing of Federally Insured Reverse Mortgage Loans for $89 Million By Jeff Sorg, OnlineEd Blog (May 17, 2017) (US Dept. of Justice, May 16, 2017) – Financial Freedom has agreed to a settlement with the United States of more than $89 million to resolve allegations that it violated the …
The CFPB has long warned against deceptive reverse mortgage advertising By Jeff Sorg, OnlineEd Blog (December 7, 2016) – Today the Consumer Financial Protection Bureau (CFPB) took action against three reverse mortgage companies for deceptive advertisements, including claiming that consumers could not lose their homes. The CFPB is ordering American Advisors Group, Reverse Mortgage Solutions, and …
There is no change to the FHA national loan limit “ceiling” which remains at $625,500 By Jeff Sorg, OnlineEd Blog (December 15, 2015) – The Federal Housing Administration (FHA) announced the agency’s new schedule of loan limits for 2016. These loan limits are effective for case numbers assigned on or after January 1, 2016, and will remain …