Senior FHA official to lead reverse mortgage trade association meeting

Lopa P. Kolluri, Principal Assistant Secretary (PDAS) of the Office of Housing and Federal Housing Administration (FHA), to deliver keynote address to reverse mortgage industry attendees at the upcoming National Reverse Mortgage Lenders Virtual Annual Meeting Association (NRMLA) held in early November. This is according to an email alert distributed to members of the association.

Lopa P. Kolluri, Deputy Principal Under-Secretary of the Housing Office and FHA

Kolluri, who previously spoke at the NRMLA Virtual Policy Conference in April, has been an integral part of the FHA’s application of the Home Equity Conversion Mortgage (HECM) program directions since inauguration. from President Joe Biden in January. Ms. Kolluri is a housing expert with over 25 years of experience in affordable housing, community and economic development, having held leadership positions in the public and private sectors as a practitioner and decision maker at all levels.

In his previous statements to and to the reverse mortgage industry, Kolluri has demonstrated his willingness to engage with both the association and the industry to ensure that the mission of the US Department of Housing and Urban Development (HUD) is about meeting the needs of older people who might need help. She previously referred to three “shared goals” between industry participants and government agencies.

These goals include ensuring that older Americans continue “to have the support and options they need to age in place if they choose to do so”; meet the immediate needs of HECM borrowers affected by the COVID-19 coronavirus pandemic; and ensure the operational viability and viable financial position of HECM as a tool for senior Americans, she explained.

His work since that speech and during the Biden administration has been extensive, including a series of proposed changes to the HECM program guidelines for the Single Family Drafting Table, available for review until mid-November.

She also oversaw the extension of reverse mortgage relief provisions to seniors affected by the pandemic; an extension of a moratorium on evictions; further updates to the Single-Family Housing Policy Handbook 4000.1 (including sections directly related to the reverse mortgage industry); and additional protections for non-borrowing spouses (NBS) in a reverse mortgage transaction.

Kolluri also oversaw revisions to various service policies in the FHA Single Family Housing Policy Manual 4000.1, including application to the HECM program.

The NRMLA Virtual Annual Meeting will take place November 2-4 via the popular Zoom video conferencing service. RMD will be present virtually at the event.

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