The major news that came out of the NRMLA event in Philadelphia was regarding the FHA Modernization bill and how it would apply to reverse mortgages.  Below is an overview of what Peter Bell told us: 

Agreed on a compromise that would replace the 1.5% fee cap in the pending bills with an alternative position. 
The alternative […]

At the end of March HUD issued Mortgagee Letter 2008-8 to provide guidance to lenders who are offering the HECM fixed product.  There was confusion on the product which lead to most lenders requiring 100% of funds to be withdrawn at closing.  Some lenders would allow a line of credit but the rate was […]

It’s no secret that government funding for reverse mortgage counseling is a real issue impacting our industry.  HUD has set aside $3 million specifically for HECM counseling which goes to support the national intermediaries such as NFCC, MMI and AARP that support HECM counseling and counselor training.  The lack of adequate funding to meet […]