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« Genworth Acquires Liberty Reverse Mortgage, Inc.
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HUD Approves LIBOR Index for HECMs

July 23rd, 2007  |  by John Yedinak Published in FHA, HECM, News, Reverse Mortgage  |  5 Comments

HUDlogo Last Friday U.S. Department of Housing and Urban Development approved the use of LIBOR Indexes for all FHA Arms and HECM products.  HUD felt the change was necessary because LIBOR is both an international index determined on the basis of the world economy and an index that has become very popular in the secondary market.  It will be interesting to see if these changes will cause lenders to alter their programs and make the reverse mortgage market more competitive.  To read a copy of the document issued by HUD click the link below.

Adjustable Rate and Home Equity Conversion Mortgages—Additional Index

Technorati tags: HECM, HUD, FHA, Reverse Mortgage, Reverse Mortgage Secondary Market

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  • http://www.dennishaber.com Dennis Haber

    While the secondary market may like the change, it makes talking to our clients more difficult. The chosen LIBOR index may be better today, at the time of the origination. However, the cmt index may have a lower interest rate at a later point in time. So the wrong rate could have been chosen.

    - Dennis Haber
    DennisHaber.com

  • Pingback: Reverse Mortgage Daily » Have We Seen The Last of The HECM 100?

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