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Columbus Day Round-Up: Financial Assessment Impact, Endorsement Gap Widens

Friday is finally here. Only a few hours stand between you and the extended holiday weekend. RMD would like to wish all of its readers an enjoyable Columbus Day!

Our office will be closed in observance of the holiday on Monday, October 10 and will resume our regular posting schedule Tuesday, October 11.

But before you take off, check out the top headlines in reverse mortgage news this past week:

New Data Reveals Financial Assessment Impact on Reverse Mortgage Volume— The Financial Assessment, which went into effect April 27, 2015 has had a lot of changes set forth by the Federal Housing Administration (FHA), but new data is giving some insight into how this rule is affecting Home Equity Conversion Mortgage (HECM) trends. ReverseVision hosted a webinar this week to review the Financial Assessment in detail.

HUD Updates Reverse Mortgage Financial Assessment Training Materials—The training presentation on the Financial Assessment for reverse mortgage professionals has been updated by HUD. This new presentation serves as an update to the presentation on the HECM Financial Assessment that was broadcast originally on September 23, 2015.

Some Lenders Buck Reverse Mortgage Downturn—Recent reports have found the reverse mortgage volume has fallen about 15% year over year based on year-to-date loan counts, but some lenders are continuing to make strides in their sales. Among those lenders who are defying the downturn are Nationwide Equities, Liberty Home Equity Solutions and Live Well Financial.

Endorsement Gap Widens for Reverse Mortgage Volume in 2016— The reverse mortgage volume gap continues to widen compared to recent years as HECM endorsements plummeted to some of their lowest totals this summer. Though certain metro areas are seeing some notable growth among the broader industry decline.

California Enacts Law to Protect Senior Homeowners from Foreclosure— California Governor Edmund G. “Jerry” Brown Jr. signed a bill into law that protects widowed spouses and heirs from foreclosures on loved ones’ homes. The legislation will entitle widows, widowers, domestic partners, heirs, siblings and other survivors to information and community from the mortgage services and also provides them the right to seek out a loan assumption modification.

Written by Alana Stramowski