In this week’s Reverse Focus podcast, Shannon Hicks discusses Federal Housing Administration (FHA) Commissioner Carol Galante messages to reverse mortgage industry members last week at the National Reverse Mortgage Lenders Association (NRMLA) conference in New Orleans. In her remarks, Galante lauded NRMLA and the industry for their efforts in stabilizing the reverse mortgage product for the nation’s seniors, while also delaying the implementation of the new financial assessment.
Also discussed, the Department of Housing and Urban Development (HUD) updated its guidelines on foreclosures for both FHA forward loans as well as Home Equity Conversion Mortgages (HECMs). The guidelines can be found in a mortgagee letter released by HUD on October 18, 2013.
Last week, Texas became the final state to approve HECM for Purchase loans. Historically, homestead laws within the state have prevented Texas from adopting the HECM for Purchase loan.
Lastly discussed, reverse mortgage marketers say that a new reverse product requires a new marketing message on the heels of program changes. Industry professionals say they are redirecting their marketing efforts to target one or two of the specific changes as a way to help reshape public perception of reverse mortgages.
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- FHA Chief speaks to reverse industry in New Orleans
- HUD updates foreclosure guidelines
- Texas votes to approve HECM for Purchase loan
- New message for a new product
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Editor’s Note: These posts are sponsored by Reverse Focus.