Search Results for keywords:"reverse mortgage"

The Department of Housing and Urban Development (HUD) has sent a proposed data collection plan to the Office of Management and Budget (OMB) for review. This is related to the Home Equity Conversion Mortgage (HECM) program, which helps seniors access home equity through reverse mortgages. The plan outlines new requirements for property inspections to ensure the safety and eligibility of homes involved in this program. HUD is inviting public comments on the proposal, including suggestions on improving the process and minimizing any burdens on respondents, until February 24, 2021.

The Board of Governors of the Federal Reserve System is asking for public comments on its proposal to extend a specific guidance for managing compliance and reputation risks associated with reverse mortgages for another three years. The proposal, known as FR 4029, requires state member banks involved with these mortgages to review and maintain policies and procedures annually. The proposal's review process considers factors like the necessity of the information collected, its accuracy, ways to improve its quality, and methods to reduce the burden on respondents. Comments must be submitted by April 19, 2021, and can be sent through various methods, including email, fax, and mail.