The fixed rate HECM is wildly popular and now many banks are eliminating fees for consumers. The question is are we fully informing our borrowers about the advantages and disadvantages of the fixed versus the adjustable rate?
Monitoring Mortgage Underwriting The Federal Housing Administration, the government agency that insures a bigger and bigger portion of home loans, plans to rely more heavily on lenders to police mortgage brokers.
Federal Housing Administration Policy Changes The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve their exposure to risk. The changes, effective January 1, include: Modification of Procedures for Streamline Refinance Transactions Adoption of Home Valuation Code of Conduct Guidelines (some not all) Updated Appraisal
Home Values, Loan Amounts, and Seniors Home values, loan amounts, and the way seniors use home equity conversion mortgages impact the Federal Housing Administration’s potential liability for its reverse mortgage program, recent studies show. If the Department of Housing and Urban Development had used the same home appreciation models for
As more seniors tap into their home equity to deal with the growing uncertainties of retirement, a report released by the MetLife Mature Market Institute calls for a comprehensive approach to educate and protect seniors on how to use home equity for financial planning. Approximately 14% of seniors are taking
A California Assembly committee struck the controversial 30-day rescission period as one of several amendments to a reverse mortgage bill Monday, a spokeswoman for Assemblyman Mike Feuer, the bill’s author, said today. The Assembly Committee on Banking and Finance, on a nine to zero vote, also approved three other amendments
Missouri Sen. Claire McCaskill, who has described reverse mortgages as “very dangerous,” will continue to push for further reforms of the reverse mortgage market, her spokeswoman said, after the Senate did not consider her amendment to a federal fraud enforcement bill that passed today. “Here’s the problem: we’ve got the people closing
Minnesota’s legislators and attorney general, concerned about disreputable mortgage brokers and lenders taking advantage of seniors, have introduced a bill that would allow borrowers to rescind a reverse mortgage for up to 30 days. The legislation, introduced in both the state House of Representatives and Senate yesterday, states that borrowers