HUD Clarifies Reverse Mortgage Changes, Bailout for FHA

ReverseFocusReverse Focus Weekly Podcast Episode #277

In this week’s Reverse Focus podcast, Shannon Hicks discusses a recent article from Bankrate, which asks whether or not the recent changes to the Home Equity Conversion Mortgage (HECM) will spark a “reverse mortgage revival,” as some say that there is room for the reverse market to expand as market conditions improve.

Also discussed, Hicks says there may be a silver lining when it comes to new changes to the reverse mortgage program due to the fact that the Federal Housing Administration (FHA) will require a bailout from the Treasury. 

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To help lenders navigate new mortgage rules and foster timely compliance, the Consumer Financial Protection Bureau (CFPB) is issuing a quick reference guide that will cover topics such as qualified mortgages, the ability-to-repay, loan officer compensation and more.  

Lastly discussed, a recent mortgagee letter from the Department of Housing and Urban Development (HUD) clarified new changes to its reverse mortgage program. Areas addressed include mandatory obligation specifications, requirements for lifetime set-asides and how the growth in the line of credit is calculated over time. 

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Talking Points:

  • HECM changes to spark a reverse mortgage industry revival?
  • FHA to seek bailout from Treasury
  • CFPB issues new rule reference guide
  • HUD clarifies changes in recent mortgagee letter

Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”

Editor’s Note: These posts are sponsored by Reverse Focus.

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