Holiday Round-Up: HUD Releases Set Aside Growth Calculation

We will be suspending our daily email tomorrow in observance of the Easter holiday. We will resume our normal posting schedule on Monday, April 6. RMD would like to wish our readers a safe and enjoyable holiday weekend.

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

HUD Releases New Reverse Mortgage Set Aside Growth Calculation — The Department of Housing and Urban Development recently made more details available regarding the reverse mortgage Life Expectancy Set Aside (LESA) and financial assessment to take effect April 27.

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Reverse Mortgage Industry on the Cusp of a New Era — The long-awaited Financial Assessment, which goes into effect April 27, will usher in a “new chapter” for the reverse mortgage space, agreed industry members during the recent National Reverse Mortgage Lenders Association eastern regional event.

Housing Task Force Sees Merits of Reverse Mortgages — The Bipartisan Policy Center’s new Health and Housing Task Force will embark on a one-year effort to devise policy recommendations focused on enhancing supports for the nation’s elderly, and includes reverse mortgage proponents.

RMF Appoints New Directors to Fuel Reverse Mortgage Growth — Reverse Mortgage Funding recently hired two new directors to oversee its sales and marketing growth. Eric Ellsworth will serve as Consumer Direct Sales Channel leader and Michael Seals as director of digital marketing.

FHA To Take Reverse Mortgage Appraisals Online In 2016 — Next year reverse mortgage lenders will need to take mortgagee submissions of Federal Housing Administration (FHA) appraisal data and reports online, according to guidance provided by Mortgagee Letter 2015-08. The move mirrors what has already been done on the conventional lending side for Fannie Mae and Freddie Mac.

Written by Cassandra Dowell

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