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HUD: Falling HECM Volume, Principal Limits Reflect Latest Program Changes

In an effort to illustrate the impacts of the latest reverse mortgage program changes, Federal Housing Administration officials presented supporting data at the the annual National Reverse Mortgage ... read more

Reverse mortgage securities market shrinks

Reverse mortgage volume has taken a nosedive in the ... in fixed-rate HMBS was issued in 2018, according to New View, a fact it attributes to HECM program changes that limited the initial principal ... read more

House Financial Services Subcommittee on Insurance, Housing and Community Opportunity Hearing

Currently there are approximately 900 HECM counselors providing face to face or telephone counseling to homeowners across the country. In November 2011, the HECM counselor exam was updated to reflect ... read more

Banks abandon reverse-mortgage business

According to HUD, HECM for Purchase allows seniors, age 62 or older, to buy a new principal residence using loan proceeds from the reverse mortgage. “The program ... limits.” What’s more, at the same ... read more

One Year Later, Reverse Mortgage Leaders Reflect on the October 2017 Changes

Stemming from the Home Equity Conversion Mortgage program changes last October, the last 12 months have brought lower origination volume ... to the HECM appraisal process. When last year’s HECM ... read more

Strapped retirees are turning to reverse mortgages

Most reverse mortgages are federally insured through the Federal Housing Authority's Home Equity Conversion Mortgage program (HECM ... Under HUD's new rules, borrowers can draw up to 60 percent of ... read more

Are Reverse Mortgages on the Comeback Trail?

In 2013, HUD clamped down on HECMs, issuing new rules ... the HECM principal (available cash to borrowers), suggesting that borrowers are motivated at least as much by planning purposes as immediate ... read more

Quontic Bank: Proprietary products are key to reverse mortgage success

Last year, the industry saw a wave of these products hit the market as lenders reacted to HUD ... volume it lost after 2017’s program changes. “With the reduced principal limit factors and increased ... read more

FHA’s MMI Fund Sees Strong Growth, But Instability Persists In HECM Portfolio

However, the report shows that there is continued instability in FHA’s Home Equity Conversion Mortgage (HECM) program ... include limits on upfront draws, changes to the structure of mandatory ... read more

10-Q: WALTER INVESTMENT MANAGEMENT CORP

including changes to reverse mortgage programs operated by FHA, HUD or Ginnie Mae, our ability to accurately estimate interest curtailment liabilities, our ability to fund HECM repurchase obligations, ... read more

House Financial Services Subcommittee on Insurance, Housing and Community Opportunity Hearing

Private reverse mortgage programs came to the market just prior to the Department of Housing and Urban Development (HUD) launched its pilot HECM program in 1989 ... without federal assistance. n2 The ... read more