Recently announced changes to the Home Equity Conversion Mortgage (HECM) program will be impactful on the reverse mortgage industry, according to Charles Coulter, assistant secretary for single family housing at the Department for Housing and Urban Development (HUD).
During a teleconference Friday, HUD officials gave an overview of new changes to its HECM program, which include a consolidation of the HECM Saver and Standard products, lower disbursements for borrowers, reductions in principal limit factors of up to 15%, among other substantial program changes.
As these changes from HUD are the most recent modifications to the federal reverse mortgage program since the suspension of the HECM Standard fixed-rate product in April, RMD is reaching out to the industry to gain insight as to how these newly announced program changes look to impact volumes moving forward.
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