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.
$679,650 Lending Limit for HECMs after 1-1-2018 While only a small percentage of potential borrowers with high-value property values would qualify, there are a few important caveats you should keep in mind. One note, for more in-depth discussion I would recommend reading Jim Veale’s article in Reverse Mortgage Daily’s LinkedIn
In the wake of being blindsided by the most recent HECM changes, industry leaders are calling for stability...