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