In case you missed it, here’s what happened in reverse mortgage news this week:
Three Tips for Working with Today’s Reverse Mortgage Borrower—While there is no tried-and-true approach to converting prospective applicants into reverse mortgage borrowers, there are several practices originators can employ in their ongoing efforts to best serve their senior clients.
Analyzing Credit: Perspectives from Reverse Mortgage Originators—The Financial Assessment has forced reverse mortgage lenders to adapt to new credit rules during the underwriting process. And for some originators, these new guidelines for determining a potential borrower’s “willingness and capacity” to afford a reverse mortgage have not been total deal breakers, despite previous expectations.
Are Forward and Reverse Mortgage Lenders Equally Matched Under FA?—In the months prior to the Financial Assessment, there was speculation that new credit underwriting requirements in the reverse mortgage program would offer somewhat of an advantage to originators with “forward” lending experience.While in theory this would seem like a logical presumption, the reality is the reverse mortgage product today is anything but black and white.
Huffington Post: There’s More Than One Reverse Mortgage—In the latest reverse mortgage coverage published in the Huffington Post, an article originally posted by NowItCounts.com covers the three “types” of reverse mortgages.
Reverse Mortgage Volume Trends Positive Following Financial Assessment Decline—There have been many measures of the recent decline in reverse mortgage volume following the implementation of the new financial assessment rule that has been in place since the end of April. But how much it has fallen is another question. And also: When will volume rebound? Recent industry data offers some explanation.
Written by Jason Oliva