Former Deputy HUD Secretary Brian D. Montgomery has helped to found a new housing policy consultancy firm with other former government housing staffers, with expertise in matters including financial services, forward and reverse mortgage lending/servicing, community development, and public housing sectors
LIBOR’s primary regulator has laid out the index’s definitive endgame, a move lauded by the reverse mortgage trade association but which still awaits action from FHA for the industry.
The end of the London Interbank Offered Rate (LIBOR) index, slated for the end of this year, requires urgent action and collaboration between the public and private sectors. Though LIBOR has previously been described by financial analysts as “the world’s most important number,” there is some limitation to its reach. That does not diminish the […]
Now that we’ve all opened presents and sang our renditions of “Auld Lang Syne,” it’s time to get back to work. The reverse mortgage industry is on the cusp of another eventful year in 2021 because of a lot of different components including changes to the Home Equity Conversion Mortgage (HECM) lending limit, a new […]
This week, the Government National Mortgage Association (GNMA, or “Ginnie Mae”) announced that it had delayed a previously-declared January 1, 2021 restriction on the eligibility of Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) for adjustable rate loans operating off of the London Interbank Offered Rate (LIBOR) index to March 1, 2021. The delay for originators […]
The Government National Mortgage Association (GNMA, or “Ginnie Mae”) has announced that its previously-declared restrictions on the eligibility of Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) for adjustable rate loans operating off of the London Interbank Offered Rate (LIBOR) index, previously effective for all HMBS issuances dated on or after January 1, 2021, has now […]
In response to the abrupt shift away from the London Interbank Offered Rate (LIBOR) index and toward the Constant Maturity Treasury (CMT) index, reverse mortgage loan origination system (LOS) software provider ReverseVision has updated all documents that reference an index to support both LIBOR and CMT indices. While the shift to a new rate index […]
Described as an “autumn surprise” in the opening remarks of the National Reverse Mortgage Lenders Association (NRMLA) Virtual Annual Meeting & Expo by association president Steve Irwin, the transition away from the London Interbank Offered Rate (LIBOR) index and toward the Constant Maturity Treasury (CMT) index is a pronounced disruption to the operations of the […]
The shortened timetable for the restriction of the London Interbank Offered Rate (LIBOR) index to serve as the basis for adjustable-rate reverse mortgages has caused the reverse mortgage industry to take action, as the reverse mortgage trade association and capital markets experts have engaged in dialogue with government officials with the aim of adjusting the […]
The Government National Mortgage Association (GNMA, or “Ginnie Mae”) has announced new restrictions on the eligibility of Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) for adjustable rate loans operating off of the London Interbank Offered Rate (LIBOR) index, effective for all HMBS issuances dated on or after January 1, 2021, nearly a year ahead of […]
