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
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
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
The number of allgeged ‘foreclosures’ have raised the eyebrows of lawmakers tasked with overseeing HUD's budget and the HECM program...
To say that HUD’s most recent changes to the Home Equity Conversion Mortgage were met with mixed reviews would be the understatement of the decade.
Are your referral sources missing the boat? A traditional mortgage broker called her saying “there’s just not enough money in the new reverse mortgage so I told her we can’t help”. Are your referral sources closing the doors to a potential client unnecessarily? Where do you begin? (There is no
Stabilizing the HECM program? HUD signaled more potential changes for FY 2019.