MBA Statement on HECM Program Changes

WASHINGTON, D.C. (August 31, 2017) – (RealEstateRama) — David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), made the following statement on the recently announced changes to the Home Equity Conversion (HECM) program.

“MBA applauds the announcement by HUD that it is modifying premiums and distribution limits in the HECM program, moves designed to strengthen the FHA fund and lessen risk to taxpayers. Reverse mortgages are an important financial product for our nation’s seniors, but the program needs to remain financially viable if it is to continue to offer its benefits into the future. MBA looks forward to continuing to work with policymakers on this issue and others to ensure the long term health of all FHA programs and improve the lending process for consumers and the industry alike.”

CONTACT
Rob Van Raaphorst

(202) 557- 2799

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MBA

The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

Contact:

Mortgage Bankers Association
1331 L Street, NW
Washington, DC 20005

Phone: (202) 557-2700

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