Norcom has a business model that will fit YOUR business model…especially after HECM changes begin October 2nd.
About John Luddy: John has trained reverse mortgage professionals how to be successful when sitting face-to-face at the kitchen table with prospective HECM borrowers. Norcom is looking for qualified loan officer candidates. To learn more call 1-860-507-2582 or email John Luddy here
She’s been working at the same company for 71 years!
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Download your November 2017 Top 100 Retail HECM Lenders Report Here.
In the wake of being blindsided by the most recent HECM changes, industry leaders are calling for stability…
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*there is no transcript for today’s episode.
Norcom has a business model that will fit YOUR business model…especially after HECM changes begin October 2nd.
About John Luddy: John has trained reverse mortgage professionals how to be successful when sitting face-to-face at the kitchen table with prospective HECM borrowers. Norcom is looking for qualified loan officer candidates. To learn more call 1-860-507-2582 or email John Luddy here
With the HECM becoming increasingly unpredictable, many reverse-only lenders are expanding to offer traditional mortgages…
Continue readingThank you for your support over the last ten years. Happy Thanksgiving!
Continue readingHow do you show gratitude to seniors who are of no business benefit to you?
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HUD’s most recent actuarial review and net value of the Home Equity Conversion Mortgage sent shockwaves through the reverse mortgage industry last week.
**Listen to this week’s podcast for the latest reverse mortgage news stories**
The 2017 Fiscal Year actuarial review of the HECM portion of FHA’s MMI fund showed a present negative net worth of $14.2 billion and a standalone negative net worth of $14.5 billion. With the traditional or forward mortgage book of business generating a positive cash flow value of $1.89 billion, the rationale behind repeated calls by both lawmakers and even the support of HUD Secretary Ben Carson to remove the HECM from the MMI fund become increasingly clear.
One could safely assume that HUD was aware of these developments when it chose to enact further cutbacks to the HECM by decreasing lending ratios in the effort to prevent future losses. Referencing October 2nd changes HUD senior advisor Adolfo Marzol said, “The HECM program has been a substantial net economic drain on…
