Download your July Top 100 Retail HECM Lenders Report Here.
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Although charting the future of HECM changes is confusing, seeing who is grabbing marketshare or growing is not. There were substantial moves amongst the top 10 lenders as well as those outside the top 10 in July.
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HUD would prefer to take the surgeon’s approach making fine tuned adjustments to the federally-insured reverse mortgage or HECM program. Presently it is left with the axe of harsh change unless Congress acts to give them the authority needed before the beginning of next fiscal year October 1st. The blunt approach was mentioned in a recent Senate Banking Committee hearing last week when Assistant Secretary of HUD Carol Galante reassured senators that they have no plans to bring back the standard fixed rate product.
Assistant Secretary Galante mentioned another option…more principal limit reductions across the board. “If we can’t make those nuanced changes, we are going to have to say the entire amount [that can be borrowed] is going to be just lowered for everybody across the board.”
For future reverse mortgage borrowers qualifying may become problematic. In a recent article in the New York Times “Rules for Reverse Mortgage Borrowers May Become More Restrictive” Christopher Mayer describes the likely approach…
Continue readingReverse Mortgage loans without government backing? One mortgage banker says we need this sooner than later.
Continue readingThere’s an ugly side for many retirees who choose not to use a reverse mortgage out of fear or ignorance. The worst thing these unprepared individuals can do is to take viable options off the table…
Continue readingThe powerful lobying group AARP with it’s 38 million plus members has incredible clout in Washington DC. In a recent Senate hearing before lawmakers they suggested six changes to the federally insured reverse mortgage program.
Continue readingDownload your June Top 100 Retail HECM Lenders Report Here.
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See who the top movers and shakers are in our ever-changing industry.
With HUD’s lowering of the expected rate from 5.5% to 5.0% in 2010 we have smaller window of opportunity for borrowers who may choose to wait…
Continue readingThe formerly profitable Standard Fixed Rate HECM is gone and has left many lenders wondering where to recoup profits. An examination why loan origination fees will return and how loan officers can prepare.
Continue readingThere is a very popular show on the National Geographic channel called “Doomsday Preppers”. While we are certainly not doomsday-res prepping for catastrophe we can prepare in part for changes to the reverse mortgage program expected later this year.
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