In case you missed it… here’s what happened in reverse mortgage news this week.
HUD said reverse mortgage changes are paying off. In its long awaited annual actuarial report, FHA talked about the viability of the HECM program. “The increase in premiums and the HECM Saver both positively impacted FHA’s finances,” said Carol Galante, acting FHA commissioner during a press call. “Also, given additional guidance to lenders on property insurance default we expect to have a positive impact on the fund.” The report indicated the HECM program should not need additional resources in the coming years, upon home price increases.
Also in the report… FHA revised down estimates for reverse mortgage endorsement volume in the coming year. Previous estimates of 88,000 were revised town to 71,000 for fiscal year 2012.
MetLife implemented its new borrower financial assessment. And many wondered just how many the assessment will rule out. Depends on who you ask, but estimates are in the range of 10% of 30%—or more.
AAG launched five new reverse mortgage commercials. The top-10 reverse mortgage lender released the five TV ads starring former Senator Fred Thompson this week. They will air on national TV networks.
…and RMD went bowling. To welcome our newest full-timer, Alyssa…yours truly went on a bowling outing in our hometown Chicago. Loser agreed to have his/her picture posted in our Friday round-up (see below). Check out his most recent editorial: Reverse Mortgage Industry—Too Big or Important to Fail?