Hey, Members A Roundup of Issues and News for NRMLA Members By Darryl Hicks TO HELP MAKE more efficient use of your time, we have updated the Hey, Members column by providing shorter, bulleted news items with links to more information. If you have questions, contact me at dhicks@dworbell.com. • The U.S. Department of Housing and Urban Development (HUD) published Federal Housing Administration (FHA) Info 2023-69 on August 23, 2023, to clarify its policies related to the late payment of HECM mortgage insurance premiums and payments made to HECM borrowers in the event of a mortgagee default. (https://www.hud.gov/sites/dfiles/ SFH/documents/SFH_FHA_INFO_2023-69.pdf) • Senior home equity levels increased by $820 billion in the second quarter of 2023, to $12.69 trillion, according to the NRMLA/RiskSpan Reverse Mortgage Market Index released on September 15, 2023. (www.NRMLAonline.org/about/press-releases/ senior-home-equity-levels-rebound-to-12-7-trillion-in-q2) • In mid-September 2023, HUD’s Office of Housing Counseling updated Chapter 4: Reverse Mortgage Housing Counseling in Handbook 7610.1 REV-6. HUD noted that counseling sessions should last from 60 to 90 minutes and broadened counseling methods to virtual or remote counseling. The updates take effect on January 1, 2024. (www.NRMLAonline. org/wp-content/uploads/2023/09/Updated-HousingCounseling-Handbook-9-13-2023.pdf) • More Americans believe they’re saving enough for retirement, according to Goldman Sachs’ Retirement Survey & Insights Report 2023, which found that 65 percent of respondents felt their savings were on track, up from 57 percent this past year. The report was published on September 19, 2023. (www.gsam.com/content/gsam/global/en/market-insights/gsam-insights/2023/ retirement-survey-insights-report.html#retirementreport) • To help alleviate the ongoing liquidity pressures felt by HECM mortgage-backed securities issuers, Ginnie Mae updated its pooling requirements to allow for multiple participations related to a particular HECM in any one issuance month. Details were provided in All Participant Memorandum 23-11, published on September 22, 2023. (https:// www.NRMLAonline.org/2023/09/29/ginnie-mae-updates-hmbs-pooling-eligibility-requirements) • NRMLA published Ethics Advisory 2023-01: Ethical Considerations-Applicant Age and Loan (Credit) Pricing on September 25, 2023, as a reminder to members that they may not offer or charge a higher interest rate or other less favorable terms based on an applicant’s more advanced age. The ethics advisory was drafted and approved with input from NRMLA’s Ethics and Executive Committees and outside general counsel. (https://www.NRMLAonline.org/ wp-content/uploads/2023/09/Ethics-Adivsory-OpinionApplicant-Age-Considerations-9-25-23-1.pdf) • On October 12, 2023, the U.S. Social Security Administration announced a 3.2 percent cost of living adjustment for 2024, but a survey released the same day by The Senior Citizens League indicates that older adults are pessimistic about their finances in coming months and the growing potential for Social Security benefit cuts. (seniorsleague.org/assets/ Press-Briefing-10.12.23.pdf) • Congratulations to our newest CRMPs: Chris Freck, Mutzig Management, Inc. dba Estar Mortgage; Diamond Vu-Lyons, Land Home Financial Services; Bryan Smith, Your Better Loan LLC; William Yoho, University Bank; Lily Gabriel, Land Home Financial Services; Eleadah Kemp, Finance of America Reverse LLC; Todd Warren Zurik, C2 Financial Corp.; Lori Anderson, Thrive Mortgage; and Terri Duncan, American Pacific Reverse Mortgage Group. Learn more about becoming a CRMP by visiting https://www.NRMLAonline.org/crmp-designation. Darryl Hicks is NRMLA’s vice president of communications. Hey, Members 6 REVERSE MORTGAGE / JANUARY-FEBRUARY 2024
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