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HUD announces $72.6M in new Native American community grants

Housing Wire

HUD extends its gratitude to Tribes for providing vital feedback on the ICDBG program through Tribal consultation, which informed the development of this grant competition, from the design of the Notice of Funding Opportunity through our work to quickly complete the application review and award process, HUD stated.

Principal 369
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Mutual of Omaha’s reverse division launches broker protection program

Housing Wire

Mutual of Omaha approved brokers and principal agents will have access to five core protections, including a promise that the lender “will not solicit borrowers established within the broker network.” We see this program as a way to show our broker and principal agent partners that we are aligned with their success.”

Principal 421
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The biggest challenge for the reverse industry in 2024? Mortgage rates

Housing Wire

Education and distribution A longtime challenge for the reverse mortgage industry continues to be its marketing and messaging, particularly in ways designed to overcome longstanding reputational hurdles that the business has had to contend with for years. We were resilient, and were able to even grow at Guild.

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Longbridge goes beyond reverse with Figure partnership, new ‘HELOC for Seniors’

Housing Wire

Too many older Americans are unable to access their own home equity , not because of poor credit, but because traditional lending products weren’t designed for life after 62,” Mayer said in a statement. The product does not include a preset maturity date.

Equity 371
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FHFA data on non-performing loan sales reflects fewer delinquencies since pandemic

Housing Wire

FHFA and the Enterprises impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure. The program, which began in 2014, has seen the GSEs sell a total of 171,333 loans with a total unpaid principal balance (UPB) of $31.4 billion through the end of June 2024.

Loans 383
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Sonu Mittal on Freddie Mac’s newest moves to lower lender, borrower costs

Housing Wire

The program is designed to be based on the UPB (unpaid principal balance), or the loan deliveries we receive in a specific quarter from the lenders, and the corresponding NAQ rate, which is the non-acceptable quality rate. Over the next few months, sellers will have the opportunity to opt in for the full year 2025.

Loans 378
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Longbridge has a new addition to its proprietary reverse mortgage suite

Housing Wire

The Platinum Peak product suite aims to offer higher available loan-to-value (LTV) ratios, which are designed to translate into higher loan proceeds for borrowers, according to the announcement. Principal agents and closed loan sellers can ask their LOS administrator to add it to their available product menu, the company said.

Mortgages 278