FHA Chief Bids Farewell, FICO Updates Help Older Borrowers

ReverseFocusReverse Focus Weekly Podcast Episode #323

In this week’s Reverse Focus podcast, Shannon Hicks bids farewell to FHA Commissioner Carol Galante, who recently announced she will leave her post at year’s end.

She played a pivotal role in stabilizing the mutual mortgage insurance fund and pioneered changes across the Federal Housing Administration’s loan program, specifically the home equity conversion mortgage (HECM) program, Hicks says. 

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Also discussed, home buyers’ confidence signals good news for the HECM for purchase market, as the latest National Association of Home Builders report notes that a slow but steady increase in existing home sales in the last three months has contributed to positive signs in the 55-plus housing market. 

Hicks also discusses the new FICO Score 9, which he says will be helpful to clients seeking to get a reverse mortgage. Tune in to the podcast for more information. 

Lastly, Walter Investment Management Corp. (NYSE: WAC), the parent company of Reverse Mortgage Solutions and Security One Lending, is seeing significant challenges to its reverse mortgage segment profitability in the near term, but is still committed to the long-term viability and profitability of the HECM market. 

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Talking Points:

  • FHA commissioner to depart by year’s end
  • Good news for HECM purchase: 55+ market home sales rise
  • FICO more forgiving on medical debts for credit scores
  • Walter Investment: Short- and long-term industry outlook

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.

Written by Emily Study