Industry Leader Update

Abandoned HECM Properties

Shannon Hicks
 Accounts of abandoned HECM properties highlight significant servicing problems for assigned loans “My mother passed 3 years ago and she had a reversed mortgage on her home that funds ran out several years ago. All documents were sent to the servicing company (death certificate, copy of the trust) in 2016. Since

BREAKING: HECM Lending Limit Increased

Shannon Hicks
 HECM lending limits increased for the 4th consecutive year Tuesday, December 3rd FHA released Mortgagee Letter 2019-20 announcing the new maximum claim amount (or lending limit) for Home Equity Conversion Mortgages. The new limit of $765.600 is in effect for the calendar year 2020 and represents a nearly $39,000

Despite Improvements a Call for HECM Structural Changes

Shannon Hicks
 While the FY 2019 FHA Report shows significant improvement in the HECM program’s value, FHA calls more ‘structural changes’ [Download transcript] As we gather around the table this Thanksgiving there’s one thing to be grateful for: FHA’s most recent report to Congress showing a showing significant improvement in the

The 2019 HECM FHA Report to Congress

Shannon Hicks
 What you need to know about FHA’s Report to Congress on the Home Equity Conversion Mortgage [Download transcript] Each year reverse mortgage lenders, originators and other mortgage market participants eagerly await the release of the Federal Housing Administration’s report to Congress on the financial status of the Mutual Mortgage

Why is the HECM a niche product?

Shannon Hicks
 The Brookings Institution: Reasons for low HECM uptake and how to expand market growth Despite the more Americans retiring without sufficient savings to fund their non-working years, reverse mortgages remain a niche product- one whose acceptance has shrunk considerably in recent years. This conundrum is addressed in a recent

Researchers present HECM fixes last week

Shannon Hicks
 How do you fix the reverse mortgage and expand its availability? Researchers presented their ideas last week There’s no shortage of ideas when it comes to just how to strengthen the federally-insured reverse mortgage and expand its reach to older homeowners. Last Monday, the Brookings Institution hosted a symposium

Reforms may hinge on Actuarial Report

Shannon Hicks
 Despite improvements, Secretary Carson pushes for 3 key changes While we’ve seen no official mortgagee letter or Congressional action on recently-proposed reforms to the Home Equity Conversion Mortgage- some key changes were restated last week in HUD Secretary Ben Carson’s written remarks to the House Financial Services Committee. Legislative

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