Friday Round-Up: NRMLA Asks FHA To Clarify Financial Assessment

In case you missed it…. here’s what happened in reverse mortgage news this week. 

CFPB said new mortgage rules will benefit lenders. CFPB director outlined advantages lenders will see under new mortgage rules, slated to go into effect in 2014. 

NRMLA asked FHA for clarification on reverse mortgage changes. In a comment letter to the Federal Housing Administration, NRMLA asked for clarification on the new borrower financial assessment that will go into effect in January. 

The mortgage professor detailed reverse mortgage change. From the good to the bad and everything in between, Mortgage Professor Jack Guttentag wrote a column on the reverse mortgage changes and what’s in store for borrowers. 

FHA’s Carol Galante said FHA is going to be more proactive on housing reform. Speaking in a housing industry summit, Galante said FHA is no longer willing to wait around for Congress when it comes to pressing mortgage reform, a la HECM program changes.  

Lenders cited a upside to program changes: new education. From financial planners to traditional referral partners, lenders said they’re taking the opportunity to educate and reeducate in light of the shift in product rules and uses. 

Will we see you in New Orleans? NRMLA is finalizing its annual conference agenda, with registration still open. A gathering among lenders on Monday, November 4 will benefit the Wish of a Lifetime Foundation, granting wishes for seniors on behalf of the reverse mortgage industry. 

Written by Elizabeth Ecker 

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