Even though HUD telegraphed their intentions to make substantial changes to the reverse mortgage program many are still in a state of shock. Here’s brief look behind the scenes courtesy of NRMLA’s special bulletin. First, our industry has been very active in working with those shaping policies for the HECM program. NRMLA and others have been working tirelessly. With a projected losses in the insurance fund and specter of a possible moratorium action had to be taken.