Ben Carson has added to the continuing domino effect of industry professionals that believe reverse mortgages should be removed from the Mutual Mortgage Insurance Fund. Now, the MBA President is also voicing his opinion on the matter and it aligns very much with that or Carson.
“I think the secretary is very astute on the subject, and separating it out from the MMI fund would certainly allow for better policymaking overall,” Mortgage Bankers Association president and CEO David Stevens told RMD in an interview, according to a recent report.
"Including the Home Equity Conversion Mortgage in the MMI fund puts the program — along with the Federal Housing Administration’s larger mortgage portfolio — in a difficult position, Stevens said."
Stevens said that the uncertainty of Home Equity Conversion Mortgages has had plenty of industry leaders "biting their nails." Instead of feeling the burden, Stevens is proposing to shift the HECM program to the General Insurance and Special Risk Insurance Fund.
To learn more about the motives behind moving HECMs out of the Mutual Mortgage Insurance Fund, click on the image above.