hecm changes

Despite Scrutiny Some Changes Could Boost HECM Credibility

Shannon Hicks
Recently recommended servicing reforms may boost HECM image It’s a fact every salesperson and reverse mortgage professional must embrace- the vast majority of consumers inherently distrust salespeople. Will recent HECM changes help bolster the product’s legitimacy in the public eye? The irony is that every major purchase from buying a

HECM & Housing Finance Reforms

Shannon Hicks
A summary of recommended HECM changes In a statement issued last week we learned that the Department of Housing and Urban Development (HUD) in cooperation with the Treasury Department presented President Donald Trump with their plans for reforming the Nation’s housing finance system and the Home Equity Conversion Mortgage program.

BREAKING: Major HECM Changes Announced

Shannon Hicks
 HECM-to-HECM Refis Nixed, Appraisal Scrutiny & More Late last Thursday afternoon we received word that the Department of Housing and Urban Development (HUD) in cooperation with the Treasury Department presented President Donald Trump with their plan for reforming the Nation’s housing finance system and the Home Equity Conversion Mortgage

“One of the biggest drivers of losses in the HECM”

Shannon Hicks
The Urban Institute calls for loan servicing reform Despite the good news last month that the backlog of HECM assignments has been cleared, significant problems remain according to the Urban Institute. “Rather than continuing to narrow eligibility—and decreasing participation further—the FHA should focus on reducing costs. Addressing losses on assigned

BREAKING: The CBO proposes 4 major HECM changes

Shannon Hicks
 Despite improved HECM outlook, the CBO recommends four major changes to the reverse mortgage program In August 2016 AARP recommended the elimination of the HECM ‘line of credit’ While FHA recent reports show a positive financial outlook for the fiscal year 2020, the CBO issued a report today proposing

BREAKING- New Collateral Assessment may require 2nd appraisal

Shannon Hicks
   FHA’s New Collateral Risk Assessment will require a 2nd appraisal when determined that 1st appraisal is ‘inflated’ BREAKING- FHA announced today the enactment effective October 1st that all HECM loans must undergo a Collateral Risk Assessment to determine if the first appraisal is inflated or at market values. If

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