Michael J. Lima is Guardian Mortgage Company’s chief risk officer responsible for leading Risk Management, Secondary Marketing, and the Servicing Division. He joined the company in 2015 and has over 25 years of mortgage banking and capital markets experience. Prior to Guardian, Michael was Senior Vice President of Capital Markets with Nationstar Mortgage and held several positions in servicing, risk management, and strategic sales during a seventeen year career with Fannie Mae.
While everyone enjoys low prices at the pump, the impact of it can reverberate throughout the economy and cause some unintended consequence. However, the severity this time around is a lot less than what the country experienced during the last big oil price decline in the 1980s.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.