The National Council on Aging (NCOA) is conducting a pilot project in collaboration with U.S. Department of Housing and Urban Development (HUD) and the National Reverse Mortgage Lenders Association (NRMLA) to help reverse mortgage borrowers who are struggling to pay property taxes and homeowners insurance.

FHA insured 6,554 reverse mortgages in December (18,390 YTD), compared with 8,284 loans endorsed a year ago (24,793 YTD).

Following is a more detailed analysis of the monthly HECM data published by HUD prepared by Reverse Market Insight.

The FHA today published loss mitigation guidance that is intended to help loan servicers work with borrowers to cure Home Equity Conversion Mortgages that are delinquent due to unpaid property taxes and homeowners insurance.

A pilot program is getting underway in five U.S. cities to offer assistance to elderly homeowners who are at risk of having their reverse mortgages called due and payable because they are in technical default for non-payment of taxes and insurance.

NRMLA, MBA and ABA submitted joint comments to the Fed expressing general support for proposed regulatory changes that would prohibit deceptive advertising and improve disclosure of reverse mortgage information, but requesting a delay in mandatory implementation.

To help commemorate National Consumer Protection Week, the FTC has launched a new website and blog to help consumers protect their privacy interests, manage credit and debt, avoid identity theft, understand mortgages, and recognize frauds and scams.

FHA is granting a temporary and narrow extension of FHA-Approval for Loan Correspondents through March 31, 2011, with conditions.

The list of people who are being awarded the Certified Reverse Mortgage Professional (CRMP) designation continues to grow.

NRMLA, last week, published independent research showing high levels of satisfaction among seniors with reverse mortgages and equally positive numbers indicating borrowers understood the transaction they were getting into and were never pressured into getting a loan.

The Federal Housing Administration announced last week it would be extending condominium project approvals with an expiration date of December 7, 2010.

The Federal Housing Administration published Mortgagee Letter 2010-40, which implements the continuing resolution recently passed by Congress that kept loan limits for Home Equity Conversion Mortgages at $625,500 through September 30, 2011.

The U.S. Department of Housing and Urban Development published Mortgagee Letter 2010-39, which introduces a revised HUD-1 Settlement Statement that imposes penalties for false certifications or fraudulent activities and new language for sellers of a HECM for purchase transaction.

NRMLA today submitted comments to the Federal Trade Commission in response to a proposed rule that implements new safeguards to protect consumers from deceptive mortgage advertising and gives the agency new powers to seek civil penalties against violators.

The September-October Issue is available for download. Stories include: Face-to-Face Counseling: Is it an Advantage of Deterrent?; Follow the Flow: An Inside Look at the Appropriations Process and Its Impact on HECM; Meet the CRMPs.