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Industry Leader Update

Despite Improvements a Call for HECM Structural Changes

Shannon Hicks
by Shannon Hicks5 809
 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
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The 2019 HECM FHA Report to Congress

Shannon Hicks
by Shannon Hicks1867
 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
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Why is the HECM a niche product?

Shannon Hicks
by Shannon Hicks1840
 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
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Researchers present HECM fixes last week

Shannon Hicks
by Shannon Hicks2 886
 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
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Reforms may hinge on Actuarial Report

Shannon Hicks
by Shannon Hicks3 803
 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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Pending HECM Changes: The Industry Waits

Shannon Hicks
by Shannon Hicks01469
 Proposed changes linger after Congressional hearing As one commenter on HECMWorld put it ‘The HECM program got through the hearing all but unscathed’. Very true considering our long history of continued reductions in Principal Limit Factors and restrictions on how proceeds are distributed. That being said, we have several
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