Discover why you should be originating reverse mortgages.
Saying no is seldom easy, even if a situation warrants it. In the mortgage sector, that scenario plays out when lenders advise seniors who are banking on reverse mortgages to solve their financial problems that they should pass on a deal or say that it can’t be done at all.
As is the case with forward mortgages, a reverse mortgage lender must order title insurance to complete the transaction. Title insurance protects the lender (lender’s policy) or the … more How Lenders and Title Companies Can Work Together to Ensure a Smooth Transaction
NRMLA submitted comments to HUD requesting that HECM counselors be exempted from new examination requirements that will assess a housing counselor’s competency guiding consumers through the homeownership process.
NRMLA is disseminating the following notice to members as a reminder of the counseling safeguards that HECM counselors and lenders must follow when meeting with prospective clients.
In an email sent to HECM Counselors, HUD clarified the meaning of non-recourse and promised to update the HECM Counseling Protocol in Handbook 7610.1.
HUD sent a similar notice this week to all mortgagees advising them not to steer clients, participate in counseling sessions, or inappropriately prep clients in advance of counseling.