The origins of the now-accepted HECM Financial Assessment Despite it’s initial chilly industry reception the HECM Financial Assessment has been accepted- so said HUD’s Phil Caulfield. During his remarks at the NRMLA western regional meeting in Huntington Beach Caulfield emphasized the importance of the assessment stating “if we hand’t done
Two Years Later the Financial Assessment Receives Mixed Reviews The implementation of the HECM Financial Assessment was met with mixed reviews when it was launched in April 2015. While many industry professionals have remained critical of the new underwriting guidelines some welcome the assessment as see it as a net
[vimeo id=”165511130″ width=”625″ height=”352″] One couple’s story highlights the rationale behind the Financial Assessment In an ideal world, the government and housing agencies would not have to protect people from themselves. The truth is that is not the world we live in, especially when it comes to reverse mortgage borrowers.
[vimeo id=”138935964″ width=”625″ height=”352″] Does the Financial Assessment Require Face-to-Face Meetings in the home? Much has been written about the Financial Assessment, especially the level of personal financial information required and the rapport needed to build the trust to gather such information. Does this mean that the assessment requiresface to
[vimeo id=”137650627″ width=”625″ height=”352″] Many Originators Seeking Clearer Guidance Under Assessment Your applicant’s credit history isn’t so rosey. A smattering of late payments on credit accounts, an overdue property tax installment or problematic medical bills. Such issues often require an explanation of extenuating circumstances. The HECM Financial Assessment has transformed
[vimeo id=”136340990″ width=”625″ height=”352″] The Challenges of Diving into an Applicant’s Highly Personal Financial Information From building trust or diving into one’s very personal financial data the financial assessment presents challenges and opportunities alike. In marking the division of history one may refer to B.C. or A.D.. For the reverse
[vimeo id=”136259211″ width=”625″ height=”352″] “I’ve seen my share of boiled frogs” One industry titan said of struggling industries “I’ve seen my share of boiled frogs”. While resilient the reverse mortgage industry has struggled since 2009. Battered by the storms of the housing crash, principal limit reductions, numerous product changes and
[vimeo id=”135080321″ width=”625″ height=”352″] Some Lenders Welcome Financial Assessment Three months following the enactment of the Financial Assessment some smaller reverse mortgage lenders are finding the new guidelines a breath of fresh air. A welcome change? Surprising since reverse mortgage endorsement numbers have fallen after the assessment became baked into