Yesterday we reported the dip in the Federal Housing Administration's Reverse Mortgage Fund and it still looks to be in danger after an economic value of negative $14.5 billion was posted for 2017.
“The bottom line is, based on where we are today, those changes have been insufficient,” said HUD senior advisor Adolfo Marzol, according to Reverse Mortgage Daily.
“That was certainly our assessment back this summer, and motivated and drove the changes that were implemented in October.”
At the moment Marzol and the department are monitoring the issues closely.
“We are in a position now of needing to monitor how those changes are impacting the new endorsements coming in, and obviously, we’ll continue to monitor the portfolio closely,” said Marzol.
To learn more about the issue, click on the image above.