Friday Round-Up: Reverse Mortgage Financial Assessment is Here

In case you missed it… here’s what happened in reverse mortgage news this week. 

HUD Releases Reverse Mortgage Financial Assessment to Take Effect March 2015—The long awaited financial assessment was released during the National Reverse Mortgage Lenders Association annual conference in Miami. It strongly mirrors the expected assessment, and though HUD has not yet addressed lender inquiries about the assessment, the agency will be holding conference calls with lenders to discuss further. 

Where Industry Leaders See Reverse Mortgages Going Next—Reverse mortgage industry leaders weighed in during the NRMLA conference on where they plan to take their businesses next. While business has suffered over the past year, most are seeing the changes as positive reinforcement for the HECM program, and are maintaining a positive outlook ahead.

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Inside AAG’s Record Reverse Mortgage Sales—While many lenders have seen record low volume this year, AAG has bucked that trend with ongoing growth in loan closings. AAG’s head of retail sales weighed in on how AAG is managing the sales process, and what it is doing differently in light of program changes. 

HUD: Reverse Mortgage Program Changes On the Right Track—The changes have not been easy, HUD acknowledged, but they are leading the HECM program in the right direction. Speaking before attendees of the NRMLA conference, HUD Deputy Assistant Secretary Kathleen Zedareky spoke of HUD’s support of the program, and stressed that program changes have led the product’s evolution in the right direction for borrowers and lenders alike. 

HUD Clarifies and Updates Reverse Mortgage Rules—In a second mortgagee letter released in conjunction with the new reverse mortgage financial assessment, HUD spelled changes and updates to longtime HECM rules. 

Written by Elizabeth Ecker

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