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MLK Day Round-Up: Top Reverse Mortgage Markets, Carson Talks HUD Plans

In observance of Martin Luther King Jr. Day, RMD offices will be closed Monday, January 16. We will return to our regular posting schedule the following day, Tuesday, January 17th.

Until then, in case you missed them, here are the most popular reverse mortgage news stories grabbing the attention of RMD readers this past week:

HUD’s Proposed Reverse Mortgage Rules Under Review, But For How Long?—A series of controversial proposals for the Home Equity Conversion Mortgage (HECM) program introduced last year by the Department of Housing and Urban Development (HUD) are still under regulatory review, but it is unclear when the reverse mortgage industry might finally see some meaningful change—and whether such change could arrive before a new administration moves into the White House.

FHA to Cut Annual MIP on Forward Mortgages, ‘Wait and See’ for Reverses—The Federal Housing Administration recently announced that it will educe the annual mortgage insurance premium (MIP) on certain forward mortgages by a quarter of a percent. While there are no immediate plans to reduce MIPs on HECMs, the agency said it is taking a “wait and see” approach before considering any premium cuts for reverse mortgages.

Reverse Mortgage Volume Ends 2016 with a Bang—As expected, reverse mortgage industry volume finished 2016 under 50,000 total units. Despite clocking in at the lowest calendar year for volume in more than a decade, the last month of 2016 provided a year-end momentum boost the industry will look to carry into 2017.

The Numbers Are In: Hottest Reverse Mortgage Markets of 2016—The final month of 2016 provided a welcoming bump in what has otherwise been a discouraging year for reverse mortgage endorsements. As the broader industry gapped with lower volumes, some markets were hotspots for reverse mortgage activity during the year.

Ben Carson Reveals Big Plans for Housing as New HUD Secretary—Retired neurosurgeon Dr. Ben Carson has big plans if he is confirmed for his role as HUD Secretary, not the least of which includes strengthening agency housing programs that serve the nation’s seniors and low-income households. During a nomination hearing on Thursday, Carson testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs, during which the HUD Secretary-Designate fielded questions from Senate Republicans and Democrats about his objectives for HUD and the future of the agency under his leadership.

Written by Jason Oliva