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Reverse Mortgage Magazine, July-August 2017

Thirty years have passed since Wisconsin Democratic Senator William Proxmire sponsored the Housing & Community Development Act of 1987, which led to the creation of the Home Equity Conversion Mortgage demonstration program.

Significant anniversaries are always a time for reflection and so we thought the timing was appropriate to look at how we got to where we are and where we might go. Staff reporter Mark Olshaker interviewed a dozen industry leaders who either played a significant role in the history of the HECM program or are currently guiding the largest organizations.

Download the full issue

Become a Certified Reverse Mortgage Professional

CRMP

One of our goals as an industry trade association is telling consumers with confidence, you can depend on a NRMLA member. Saying it is one thing; proving it is another. That is why NRMLA created the Certified Reverse Mortgage Professional (CRMP) designation.

In every industry, there are those individuals who strive to excel. They often do so by earning a credential that distinguishes them as being among the most knowledgeable, the most competent and the most ethical and professional.

Learn more

 

Industry & Member News

$55 Billion Speed Limit Slows HMBS Market Growth

The HMBS market remained stuck at $55 billion in August. HMBS Prepayments topped $1 billion, but was balanced by 92 new pools totaling over $913 million. In its second month of issuance, Longbridge Financial led all issuers with nine pools totaling $215 million. August issuance divided into 52 original pools and 40 tail pools. No … more $55 Billion Speed Limit Slows HMBS Market Growth

Montgomery Nominated to Head FHA, Patenaude Confirmed as HUD Deputy Secretary

On Wednesday, President Donald Trump announced his intention to nominate Brian Montgomery for the position of Assistant Secretary of the Department of Housing and Urban Development, Federal Housing Commissioner. NRMLA President and CEO Peter Bell responded to the news with the following statement: “On behalf of NRMLA, I’m pleased to congratulate Brian Montgomery on his nomination to … more Montgomery Nominated to Head FHA, Patenaude Confirmed as HUD Deputy Secretary

HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

According to FHA Info #17-40, on September 18, 2017, the Federal Housing Administration (FHA) will update its FHA systems to accommodate: The implementation of origination and servicing policies contained in the Home Equity Conversion Mortgage (HECM) program final rule that published on January 19, 2017; The servicing implementation guidance issued in Mortgagee Letter 2017-11 on … more HUD Issues FHA Info #17-40 with HECM Updates and Reminders in Advance of Final Rule

Helping HECM Borrowers in Texas and Florida

NRMLA servicing experts offer the following guidance for homeowners impacted by hurricanes Harvey and Irma: Contact your insurance company right away to file a claim if damage has occurred to your home; After that, contact your loan servicer to inform them if damage has occurred to your home; and Depending on the severity of the … more Helping HECM Borrowers in Texas and Florida