Many get it wrong- are you correctly explaining the line of credit Solid product knowledge brings sales confidence. How accurate is your description of how the HECM line of credit (principal limit growth rate) works? Join Norcom Mortgage today and let them help get you started! About John Luddy: John
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
Irrelevant HECM endorsements and recent developments The Irrelevancy of Historical Volumes A sense of frustration can set in for those expecting rapid expansion of loan volume back to our pre-recession levels. After several years of rapid expansion culminating in 2009’s record endorsement tally of 114,629 loans, last year’s endorsements
Despite executive order, more HECM Changes coming this fall One would think our industry may catch it’s collective breath from the rapid nonstop pace of new rules and regulations for the Home Equity Conversion Mortgage. Such hopes were bolstered with the February announcement of President Trump’s Executive Order curbing federal
How will the Trump administration approach reverse mortgages? Does one of the first decisions made by the Trump administration foreshadow the future of the reverse mortgage program? The administration’s decision to rescind a recent FHA mortgage insurance premium reduction was swift- within one hour after President Donald Trump took the
The Mortgage Professor Examines the HECM Marketplace Dysfunction: abnormal or impaired functioning of a person, organ, or in our case Home Equity Conversion Mortgages. Is our market truly dysfunctional? If so, what corrections can we make to better expand our reach to eligible homeowners? Some people report on what is.
A Call for the Return of the HECM Saver? In October 2010, the HECM Saver was introduced giving borrowers considerably lower upfront FHA insurance premiums in exchange for lower lending ratios or principal limits. Three short years later the Saver was eliminated from the Home Equity Conversion Mortgage Program. Ironically,
AARP Frowns Upon Strategic Use of HECM in Portfolio Management Creativity unlocks potential markets and opens up possibilities. It also makes you a target of critics. In recent years the long overlooked principal limit growth factor (or as many refer to it as the line of credit growth rate) has