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A Look Back at the Possible Genesis of the Financial Assessment
The Predecessor to the Financial Assessment? For those of you watching who have been in the business or reverse mortgages longer than five years you may be wonder how much more change our industry can absorb. The Home Equity Conversion Mortgage has undergone numerous product changes, regulations, new counseling requirements and protocols and reductions to lending ratios. Much like an aging celebrity who has undergone one too many plastic surgeries one may be left wondering does the new HECM even resemble the original product?
The upcoming Financial Assessment has many industry professionals concerned the new protocol will decimate our already fragile market share. Only time will tell. Now rewind to 2010 and we can find the first hints of HUD’s move…
Download a transcript of this episode here.
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