The anticipated slowdown in HECM changes has yet to materialize
Is our industry drinking from a firehose? Consider the last eight years that have left our industry in a continual state of flux as we grapple with the ever-increasing pace of change for the Home Equity Conversion Mortgage program. For perspective let’s examine the deluge of changes each of you and our industry has endured.
2008: Enactment of the SAFE Act requiring national licensing and registration of all mortgage loan originators. Reverse mortgage professionals struggled as tests were overwhelmingly weighted toward traditional mortgage product knowledge and regulation.
2009: The HECM for Purchase was introduced along with a nationalized lending limit of $625,500. A brief refinance boom followed as homeowners in areas with previously low county lending limits benefited.
2009: FHA slashed the Principal Limit or lending ratio factors reducing the amount of money homeowners can access…
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