In case you missed it… here’s what happened in reverse mortgage news this week.
Sen. Bob Corker responded favorably to reverse mortgage program changes. Commending FHA for the changes thus far, Corker said there is still work to be done with the elimination of the fixed rate standard product a good “first step.”
Tune in Monday morning… National radio show host David Lykken, host of Lykken on Lending, will interview Security One Lending’s Michael Banner on reverse mortgage program changes. Access the show online starting at 10 am Eastern Monday, February 11. Click here to tune in.
Reverse mortgage change—not over yet. In an article published this week, Deputy Assistant Secretary Charles Coulter told U.S. News the department is still working on remaining reverse mortgage product changes in an effort to avoid “sub-optimal, short term measures.” Read more.
FHA the next Countrywide? A House committee weighed what’s next for FHA. Calling the agency “the next Countrywide,” Republican members of Congress sought answers from housing experts toward solving the problem of too much government participation in the U.S. housing market.
HUD issued a warning on reverse mortgage counseling and steering. Stressing the prohibition of counselors steering borrowers to a particular lender and lenders steering borrowers to a particular counseling agency, HUD said it has received reports of steering among lenders and counselors in the reverse mortgage market.
Written by Elizabeth Ecker