NewDay Exits Reverse Mortgages, HUD Seeks Feedback on Program Changes

ReverseFocusReverse Focus Weekly Podcast Episode #275

In this week’s Reverse Focus podcast, Shannon Hicks discusses the National Reverse Mortgage Lenders Association (NRMLA) sent a letter to the Department of Housing and Urban Development (HUD), seeking clarification on 17 implementations issues regarding HUD’s new reverse mortgage program changes. 

Also discussed, top-15 lender NewDay USA announced that it would exit the reverse mortgage business in the wake of announced program changes from HUD. The company’s reverse mortgage division also said it will stop originating new Home Equity Conversion Mortgages (HECM) immediately. 

RMD recapped Reverse Focus’ largest national webinar, with over 600 attendees dialing into the session. A link to the event, which brought together industry leaders to discuss new program changes, is available for those who could not attend at HECM World.

Lastly, HUD is currently seeking comments from the reverse mortgage industry on its financial assessment requirement outlined in the federal agency’s changes to its HECM program. Interested individuals are encouraged to submit comments before October 15, 2013.

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Talking Points:

  • NRMLA seeks 17 clarifications in letter to HUD
  • First lender exits on heels of HUD overhaul
  • Reverse Focus largest national webinar recapped 
  • HUD seeks industry input on financial assessment

Listen Now. “Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.”

Editor’s Note: These posts are sponsored by Reverse Focus.

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