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MBA reports multifamily lending hit $147.7 billion in 2007; leading lenders part of industry consolidation

National Mortgage Professional
Oct 14, 2008

HUD approves single national loan limit of $417,000 for reverse mortgage programMortgagePress.comHUD, reverse mortgages, NRMLA, Home Equity Conversion Mortgage, Peter Bell The National Reverse Mortgage Lenders Association has announced that the Department of Housing and Urban Development (HUD) approved a single national loan limit of $417,000 for federally insured Home Equity Conversion Mortgage (HECM) reverse mortgages. The new, higher lending limit will enable borrowers to obtain a substantially greater benefit from their homes, if their home value is higher the previous HUD limit. Previously, the HECM program assigned different lending limits by county ranging from $200,160 in rural areas to $362,790 in the highest home value areas. Similarly, existing borrowers whose home value is greater than the new HUD limit may be able to increase their benefit by refinancing their reverse mortgage and are encouraged to contact their lenders. To identify a reputable lender, Consumer Reports, in its October 2008 Money issue, recommends that seniors contact NRMLA members, who are required to sign a code of conduct and follow best practices for the treatment and counseling of seniors. NRMLA's consumer site at www.reversemortgage.org provides users with a searchable database of NRMLA lenders in their local area. "HUD should be applauded for its expedient implementation of the single national loan limit for the HECM program, especially during such a tumultuous period," said Peter Bell, president of NRMLA. "The higher single national loan limit and other provisions expected to be implemented in the coming months make reverse mortgages a more viable retirement financial option for a broader audience who can receive higher benefits at lower origination fees than ever before." HUD is aiming for an effective date of Nov. 1, however the exact date will not be finalized until HUD issues a mortgagee letter on the new loan limit. For more information, visit www.hud.gov.
Published
Oct 14, 2008
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