NRMLA President and CEO Peter Bell issued the following statement:
We are encouraged by today’s remarks by HUD Secretary Ben Carson and FHA Commissioner Brian Montgomery that changes to the HECM program seem to be having a positive impact on the MMI fund. As released today in the Actuarial Report, HECM’s current economic net worth of negative $13.63 billion, while concerning, represents an improvement of over $870 million compared to last year when it was a negative $14.5 billion. We agree with the HUD leadership that it is early and, as Secretary Carson said, “we are just now seeing the effect of the changes that were made.”
At the same time, we all need to remain focused on addressing the issues that continue to affect the HECM impact on the insurance fund and, as an organization, work with HUD to find solutions that eliminate all concerns going forward and protect the availability of reverse mortgages as an essential option for retirement financing.
Darryl Hicks, Vice President, Communications
National Reverse Mortgage Lenders Association