NRMLA Roadshow rolls out important information & updates
Post by Sam Collins
Just returned from the NRMLA road show in Philadelphia. NRMLA provided insightful information about new changes and challenges going forth in the reverse mortgage industry.
Peter Bell, NRMLA President, announced the updated new FHA rule on Lender Approval and net worth.
- The final rule is being published in the Federal Register, but here are some highlights. The new rule has set new net worth requirements, when FHA approved mortgage lenders may begin approving non-FHA approved brokers/bankers. The term for non-FHA approved brokers is being called TPO’s, or third party originators.
- In other words, lenders will now set the parameters and guidelines for those whom it wants to consider doing FHA loans, both forward and reverse. These guidelines will be forthcoming from lenders.
- During the remaining 2010, currently approved loan correspondents may continue to originate FHA loans, as an FHA approved loan correspondent through its current lender sponsor. New changes will go into effect January 1, 2011.
Other useful topics and information, along with valuable insights was given by HUD representatives, lenders, and participating members was well done by panel and staff.
If you have yet to attend a NRMLA roadshow or the annual convention, this is an excellent way to keep updated in your profession and gain knowledge to thrive and prosper in our ever changing industry.
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Don’t miss our member call in next week, April 28th. This should be an interesting call relative to all the changes by lenders and new HUD ruling. To attend go to the calendar of events, click on the 28th. This is a free call.
