Impending FHA Guidelines Propel Reverse Mortgage Industry Forward

SOURCE: Mortgage News Feed

The Federal Housing Authority's Financial Assessment goes into effect on April 27 and will alter home equity conversion mortgage underwriting procedures to resemble those of forward mortgages. Senior borrowers will now have to prove, with more documentation and paperwork, that they can handle the ongoing property costs to qualify for a reverse mortgage.

To read the entire article, please visit:
http://www.nationalmortgagenews.com/news/origination/impending-fha-guidelines-propel-reverse-mortgage-industry-forward-1048772-1.html


About The Author

Each week we post articles on FHA/VA Government news topics, ranging from FHA Direct Endorsement Underwriters, to current FHA underwriting guidelines, to new FHA rules/regulations, FHA compliance, FHA lending requirements and much more! PLEASE NOTE: We are NOT owned, operated or affiliated with HUD, FHA or the Federal Government in any way.


Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.