MBA Statement on HECM Program Changes
|Rob Van Raaphorst|
|(202) 557- 2799|
WASHINGTON, D.C. (August 29, 2017) - 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."