Recently released numbers show a larger shortfall for the HECM portion of the MMI Fund.
Continue readingNew Bill Would Grant FHA Authority to Make Changes
The newly introduced “HECM Stabilization Act of 2013”, or Senate Bill 469, would give FHA the Congressional authority to make sweeping changes to the federally-insured reverse mortgage program.
Continue readingThe Must Stay
Reverse Mortgages Must Stay to Meet Demand. With the words of one senator asking why not stop the reverse mortgage program ringing in our collective ears, it is comforting to hear that housing experts see things differently. The Bipartisan Policy Center Housing Commission…
Continue readingIn Critical Condition or Stabilizing?
Is the Home Equity Conversion Mortgage or federally-insured reverse mortgage in critical condition? One could argue that projected losses of the HECM portion of FHA’s insurance fund are just that…projected and not realized. Whether real or expected FHA is taking strong measures to -quote- fix- the program
Continue readingWhere will the marketing dollars come from?
With the Standard Fixed Rate HECMs no longer available for case numbers issued on or after April 1st…yes April Fool’s day… a prime source of marketing dollars will go away…
Continue readingDear John…
FHA’s Mortgagee Letter 2013-1 was a “Dear John” letter to the Standard Fixed Rate HECM…
Continue readingJoined at the hip: The need for private capital in mortgage lending
The American mortgage market is surgically attached to the Federal government. What would bring private capital back into the reverse mortgage marketplace?
Continue readingRegulations Changing Practice & Behavior
With the recently released final rules for loan officer compensation and the expected suspension of the standard fixed rate HECM product government agencies have drastically changed the motivations and interaction between mortgage lenders and borrowers. First loan officer compensation…
Continue readingA New Approach Required: Selling the Adjustable HECM
With the expected suspension of the fixed rate standard product comes the need to adjust our approach with prospective borrowers. Here are five tips to help with the transition…
Continue readingChopped? Standard Fixed Rate Days Are Numbered
It appears the super sweet fine grain sugar of the standard fixed rate is flying off the shelves and it’s return is uncertain. Brokers, lenders and loan officers are now faced with selling a new product mix and perhaps focusing on a new breed of borrowers.
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