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The Mortgage Professor Launches New Approach to HECM origination
In my recent discussions with Jack Guttentag or The Mortgage Professor he mentioned a new product he is developing; the kosher reverse mortgage. For those unfamiliar with the term kosher can mean a product or food is certified as acceptable meeting particular requirements, often religious. Last week Mr. Guttentag outlined the particulars of the program. First he begins with the need for specific HECM certification of reverse mortgage professionals. I couldn’t agree more. Today those seeking to enter the reverse mortgage space are required to pass the national NMLS and state-specific tests mostly centered on traditional mortgage lending. Typically nationally exams have zero or one or two HECM specific questions. As the HECM is a complex financial product being offered to a protected class who can ill afford a financial misstep, a HECM specific certification would go a long way in protecting the consumer and our industry’s reputation.
Here are a few highlights of the Mortgage Professor’s Kosher Reverse.
1- Loan officers would make efforts to counter the bias toward excess cash withdrawals…
Download a transcript of this episode here.
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