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With the year’s end quickly approaching we have compiled a few short clips of the top industry-changing stories presented in the Industry Leader Update in 2015. Enjoy and have a safe and happy holiday season!
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Editor in Chief: HECMWorld.com
As a prominent commentator and Editor in Chief at HECMWorld.com, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at: info@hecmworld.com.
1 Comment
Two points were actually one; HUD concedes on NBSs’ rights to not be displaced as required under the law. If NBSs’ rights would harm the MMI Fund as HUD articulated in the court case it lost, how is it that the PROGRAM is better off now with Mortgagee Letters (MLs) 2014-07, 2015-02 and 2015-15?
The only group better off by the MLs is a small group of the NBSs that the law intended to benefit. The law does not distinquish between qualified and disqualified (that is HUD’s made up rule). If the PROGRAM is better off by allowing qualified NBSs to not be displaced why not all NBSs who hold title. Also why is the benefit limited to surviving NBSs? It should be available in all NBS displacement situations where title is held by the still living borrowing spouse or the surviving NBS.
By the terms of the 2013 Reverse Mortgage Stabilization Act (RMSA) HUD has properly modified the PROGRAM for NBSs for all HECMs with Case Numbers assigned after 8/3/2014; the same cannot be said for ML 2015-15. The RMSA did not give HUD the right to retroactively change law. The courts will no doubt have to deal with this IF such a case reaches the courts. Of course there is as of yet no proposed compensation for those that HUD harmed under its prior policy.