The Office of Federal Housing Enterprise Oversight (OFHEO) was established as an independent entity within the Department of Housing and Urban Development by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Title 13 of P.L. 102-550). The Office is headed by a Director appointed by the President for a five-year term.

OFHEO’s primary mission is ensuring the capital adequacy and financial safety and soundness of two government-sponsored enterprises (GSEs) — the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).

Fannie Mae is the ultimate purchaser (funding source) for reverse mortgages issued under the HECM reverse mortgage program. Also, Fannie Mae has its own reverse mortgage program, which you may encounter, known as the “Homekeeper.”

OFHEO publishes a widely used House Price Index (HPI):

The HPI is a broad measure of the movement of single-family house prices. Because of the breadth of the sample, it provides more information than is available in other house price indexes. The HPI serves as a timely, accurate indicator of house price trends at various geographic levels. It also provides housing economists with an improved analytical tool that is useful for estimating changes in the rates of mortgage defaults, prepayments and housing affordability in specific geographic areas.

The HPI is sometimes referred to in conjunction with the HECM reverse mortgage program.

Social tagging: HUD Reverse Mortgage

A Few More Related Articles of Interest:

HPI - House Price Index

Top 10 States for HECM Reverse Mortgages

New Housing Price Index Out - HECM Variances Updated

Reverse Mortgages and Home Price Appreciation

Reverse Mortgage Friendliness Update (2Q 2007)