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LO Compensation Rule looms ahead
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Starting the year strong: January 2011 Lenders Report
January is a welcome strong beginning for the new year.
A substantial turn showing improvement in overall endorsement volume was shown last month. You can download the report here.
Extreme Measures: Industry Leader Update
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Reverse Mortgage Lenders And The HECM Saver
In this week’s reverse mortage industry leader update, one major reverse mortage lender has already made the HECM Saver a substantial part of their business. Also, a US Senator proposes a bill that would completely defund and eliminate HUD. Watch the video for more.
“Necessary evil”
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Tax And Insurance Default
The topic of Tax And Insurance Default is a hotly debated issue in the Reverse Mortgage Industry, but recently HUD issued a guidance letter that gives some direction to reverse mortgage lenders.
New Video: Industry Update #3
Weekly video recap updating professionals on industry changes in the reverse mortgage marketplace. Return here each Friday for new videos.
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HUD Letter
New Change In The Floor
This week was a game changer in the reverse mortgage industry when HUD announced a new change in the floor. Watch the video for more.
Can HECM Regulators Act Unethically Toward the Reverse Mortgage Program?
Tell the woman who can no longer obtain a reverse mortgage because the program benefit cuts prevent her from getting rid of her conventional mortgage (she never could afford)-that Washington supports the program; Tell the man who desperately needs the reverse mortgage and yet was turned down because underwriting guidelines prefer that the properly executed power of attorney be called into question by an artificial standard-that Washington supports the program
Continue readingHUD’s new Financial Interview Tool: Will it prevent borrower problems?
Commentary:
I read with great interest and anticipation just what our prospective reverse mortgage borrowers would face with HUD’s new counseling protocol which includes a Financial Interview Tool [Update: Shortly after writing this commentary the NCOA FIT & Benefits Checkup are no longer available without a secure login] . Reverse Mortgage Daily was kind enough to include the above-mentioned link in their article.
Studies Detail HUD’s Risk for HECM Loans
Home Values, Loan Amounts, and Seniors
Home values, loan amounts, and the way seniors use home equity conversion mortgages impact the Federal Housing Administration’s potential liability for its reverse mortgage program, recent studies show.
If the Department of Housing and Urban Development had used the same home appreciation models for fiscal year 2010 as it did in prior years, there would be no need for a $798 million subsidy appropriation for the HECM program, HUD officials told the Government Accountability Office in a study mandated by Congress.
And reverse mortgages with term or tenure plans are much less likely to be assigned to the FHA than line-of-credit loans, a Federal Reserve Board economist found in her own research of the HECM program.
HUD made a number of improvements to its cash flow model in 2008, partly because of a HUD Office of the Inspector General’s audit that found material weaknesses, said the GAO in a July 30 report. That year HUD began to incorporate national house price appreciation and interest rate forecasts from IHS Global Insight, an independent source for economic and financial forecasts, the report said.
To read the rest of the story – visit Reverse Mortgage Alert
The HVCC Changes YOUR business…
Washington, DC – Federal Housing Finance Agency (FHFA) Director James B. Lockhart announced that Fannie Mae and Freddie Mac will implement a revised Home Valuation Code of Conduct (Code) effective May 1, 2009. The Code is based on an agreement between the Enterprises, the New York State Attorney General Andrew Cuomo and FHFA to improve the reliability of home appraisals. Following a comment period on the original Code, modifications were made by the Enterprises to reflect comments received. The revisions will facilitate implementation in the marketplace.
