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BREAKING: New PLFs Released

Shannon Hicks
More money for older HECM borrowers, substantially less when younger non-borrowing spouse present Today HUD released new PLFs (Principal Limit Factors) which now include a table for younger co-borrowers.  Jerry Wagner, the President & owner of IBIS Software which provides  origination software and information for both HUD and HECM Lenders

New HECM Products Nixed

Shannon Hicks
There was a rush to market by a handful of lenders to offer fixed rate variant products which still fell within the guidelines of the federally insured reverse mortgage or HECM program. While FHA has not directly addressed these new products Ginnie Mae has.

Every Problem Once was a Solution

Shannon Hicks
[vimeo id=”90920562″ width=”625″ height=”352″] What once worked may be problematic today Oddly our topic that every problem once was a solution reminds me of the now extinct standard fixed rate HECM. It was a solution to borrowers seeking maximum funds or a guaranteed interest rate which became a problem loan

Is this Our Next Growth Market?

Shannon Hicks
[vimeo id=”86567434″ width=”625″ height=”352″] Our next opportunity for growth may be right under our noses It’s no surprise that in the wake of the housing crash, increased regulation, lower lending ratios and the HECM product redesign that many are seeking ways to expand their market and increase their loan production.

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