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Some Lenders Welcome Financial Assessment
A welcome change? Surprising since reverse mortgage endorsement numbers have fallen after the assessment became baked into the origination of Home Equity Conversion Mortgages. Where is the sweet spot for the assessment? It would appear to be with smaller lenders.
Robert Wyatt, president of Reverse Mortgage Advisors, LLC said “As a small independent shop I’m seeing that the FA has created a need to really sit down face-to-face or kneecap-to-kneecap, with potential borrowers to explain the process. This has really been a benefit to us.” While many may not share the same sentiment due to numerous guidelines and documentation requirements, some have found a silver lining despite the overall pushback by many loan originators. That silver lining is…
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