Despite facing challenges in sales volume in 2024, the reverse mortgage industry remains optimistic about the involvement of the Federal Housing Administration (FHA) and Ginnie Mae in addressing issues related to the Home Equity Conversion Mortgage (HECM) program.
This positive feedback was shared during a panel discussion at the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo held in San Diego in late September.
The panel featured industry leaders such as Mike Kent, NRMLA board chair and reverse asset management leader at Liberty Reverse/PHH Mortgage; Jim Cory, managing director of reverse at Guild Mortgage; and CEO Chris Mayer from Longbridge Financial.
FHA collaboration
During the discussion, the leaders commended FHA for its collaboration with the reverse mortgage industry during a challenging period.
Mike Kent highlighted FHA’s efforts in streamlining assignment submissions and improving turnaround times, leading to increased liquidity for Liberty/PHH.
Chris Mayer praised the engagement of FHA and Ginnie Mae staff in supporting the industry and focusing on the future needs of older Americans.
Impacts on origination
Chris Mayer emphasized the importance of addressing back-end issues and expanding the distribution of the reverse mortgage product to reach more borrowers.
Jim Cory echoed the importance of addressing back-end issues and emphasized the need to make the reverse mortgage product more mainstream and widely accepted.
Overall, the industry leaders expressed gratitude towards FHA, Ginnie Mae, and NRMLA for their efforts in supporting and improving the reverse mortgage industry.