Recent developments in the Federal Housing Administration's Home Equity Conversion Mortgage program are making it easier for lenders to originate reverse mortgages to borrowers who want to buy a new-construction home.
Adolfo Marzol, an official at the Department of Housing and Urban Development, is optimistic that technological improvements and other changes can help draw Federal Housing Administration lenders back to the fold.
Sen. Elizabeth Warren, D-Mass., and four other Democrats on the Senate Banking Committee are insisting on a recorded vote by the full Senate for the nomination of Brian Montgomery as Federal Housing Administration commissioner.
Brian Montgomery seems on his way to being confirmed to lead the Federal Housing Administration. But once he gets there, he may find it difficult to be as innovative as he was during his first stint as commissioner — particularly when it comes to reducing FHA premiums.
The Senate Banking Committee voted to advance the nomination of Brian Montgomery to serve as commissioner of the Federal Housing Administration, despite ongoing criticism from some Democrats that he is too close to the financial services industry.