Friday Round Up: Industry Adapts to Financial Assessment

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

Moving Forward: The Reverse Mortgage Post-Financial Assessment — The Financial Assessment (FA) may require origination, sales, underwriting and processing teams to do things they have never before been required to do in the history of the Home Equity Conversion Mortgage (HECM) program. And now that it’s here, reverse mortgages will draw even more comparisons to traditional mortgage lending practices as the industry moves “forward” post-April 27.

Motley Fool: 4 Considerations for Reverse Mortgages — For those considering a reverse mortgage, The Motley Fool suggests borrowers know their options, know the risks, understand it’s a big decision, and seek independent reverse mortgage advice, in a recent article.

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HUD: Time to Wait and See Effects of Reverse Mortgage Policy Changes — The Department of Housing and Urban Development recently announced it will evaluate the effects of recent changes to the reverse mortgage program.

AARP: New Changes Make Reverse Mortgages Tougher — Recent changes to the reverse mortgage program are designed to reduce defaults, as maintaing ongoing property charges has been a problem for borrowers in the past, AARP notes in a recent article.

HUD Rescinds Recent Rule on Reverse Mortgage Non-Borrowing Spouses — The Department of Housing and Urban Development recently rescinded a previous mortgagee letter that would have given reverse mortgage lenders the option to delay foreclosure of non-borrowing spouses via assigning the loan to HUD.

Written by Cassandra Dowell

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  • The title reminds me of President G W Bush landing on the aircraft carrier bearing the banner declaring: “MISSION ACCOMPLISHED.” Somehow that the “industry adapts to financial assessment” seems far too premature. Perhaps a better title is: “Industry begins adapting to financial assessment.”

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