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Items Tagged with 'Brian Montgomery'

ARTICLES

  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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  • FHA: No PLF changes for reverse mortgages

    Report reveals HECM’s drain, but FHA says it’s moving in the right direction
    The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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  • FHA will not cut mortgage insurance premiums

    Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
    The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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  • FHA Commissioner Brian Montgomery: More change ahead for reverse mortgages

    “The HECM program has profound issues”
    Federal Housing Administration Commissioner Brian Montgomery said Tuesday at the National Reverse Mortgage Lenders Association’s annual meeting in San Diego that the agency is working to address the volatility within the reverse mortgage program, hinting that the industry can expect more change ahead, as “efforts in past years to address these problems have generally only delivered short-term fixes.”
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  • FHA Commissioner Brian Montgomery hints at issues in FHA appraisals

    Already seen problems in HECM, but there might be problems in forward too
    The FHA has already identified issues in appraisals on reverse mortgages and is taking steps to address the problem. But now, FHA Commissioner Brian Montgomery told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the FHA is seeing some things in forward appraisals that give him "pause."
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  • 6 Questions with 6 HUD Executives, Ep. 3: FHA Commissioner Brian Montgomery

    In this exclusive interview, Montgomery discusses tech development at HUD and more
    Brian Montgomery's role as FHA commissioner is a far cry from back when he thought he’d become a geologist, before housing “got into [his] blood,” as he tells HousingWire Editor-in-Chief Jacob Gaffney in our latest, exclusive podcast series: 6 Questions for 6 HUD Executives.
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  • How will FHA’s new HECM appraisal rules affect reverse mortgage lending?

    AMCs weigh in on the mandate requiring second appraisals on select loans
    The latest change to the reverse mortgage program was just announced, and it requires a second appraisal on select HECM loans. Now, the industry is abuzz with speculation as to just how impactful the new requirement will be. Will turn-times slow down? Will the loan be more expensive for most borrowers? We talked to appraisal management companies to find out.
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  • It’s been one year since HUD shook up the reverse mortgage industry

    With 10/2 program changes firmly in the rearview, how did the industry fare, and what’s ahead for players in the space?
    Tuesday marked exactly one year since HUD implemented HECM program changes in a move that took lenders by surprise and drastically impacted the reverse mortgage business. It’s been a rocky year as originators attempted to adjust to the new normal, and it seems no one got out unscathed. Will product innovation help the industry find its footing, or will another round of program changes knock it off its feet?
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