In this week’s Reverse Focus podcast, Shannon Hicks discusses the trillions of dollars in home equity that Americans are leaving on the table, according to a recent Mortgage Monitor Report from Black Knight Financial Services, Inc. (NYSE: BKFS). This untapped equity is presently valued at $4.2 trillion, an increase of $600 billion over the last year.
Also discussed, a new book addresses the most common reverse mortgage questions while also dispelling misconceptions. The book, written by reverse mortgage industry veteran Dan Hultquist, a certified reverse mortgage professional with Open Mortgage, spells out the critical details of Home Equity Conversion Mortgages for consumers, lenders, as well as other financial professionals.
In another podcast story, mortgage demand actually hit a high mark despite the tighter regulations that went into effect late last year. While the jury is still out on the true impact of the Consumer Financial Protection Bureau’s TRID mortgage rules, the demand for mortgages reach their highest levels since 2010, according to a recent analysis from the Mortgage Bankers Association.
Lastly discussed in this week’s podcast, the Department of Housing and Urban Development once again announced it has pushed back the deadline for defaulting reverse mortgages. In a mortgagee letter released last week, HUD granted an extension for reverse mortgage servicers to submit due and payable requests for loans entering default due to unpaid property charges. The new extension is now effective through April 17, 2016.
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- Untapped potential: Trillions in home equity untouched
- New book addresses reverse mortgage questions
- Mortgage demand hits high despite tighter regulations
- HECM default deadline delayed again
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 Jason Oliva