Reverse Mortgage FOCUS
RMF’s Business Continuity Plan in Place to Serve Clients Message from Craig Corn, CEO RMF When we are in a time of crisis, it is easy to feel like you have no control, like nothing you do can make a difference. For us at RMF, however, nothing could be further than the truth. With everything that is going on, all the instability in the market, people need our See page 2 for information about Coronavirus and pages 16–18 about our new health insurance and other benefit carriers for 2020.
product more than ever. And they do need it. We are giving people a chance to reclaim their financial stability, a reassurance that they can use their home equity and turn it into funds that they may need now. We are making a difference in the lives of our customers by being a dependable, trustworthy resource. None of this would be possible without all of you working hard to make sure that our company continues to operate in these trying times. From the Pandemic Preparedness and IT teams that are making sure that we can continue to work remotely and be as productive as possible, to Sales and Operations that are working to continue fulfilling loans in this challenging environment everyone is pulling together as a team. I thank all of you and ask that you please continue to stay safe.
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New Mortgage Guidance In light of the recent COVID-19 outbreak, the Federal Housing Administration has released new guidance on property appraisals and employment re-verification. The New Mortgagee letter (ML 2020-05) can be found here . One of the major changes is that appraisals can been done through either exterior-only inspections or through desktop-only appraisals in an effort to observe COVID-19 social distancing guidelines. Most HECM for Purchase transactions will now be able to utilize either the exterior-only or desktop-only appraisal options, while traditional HECMs and HECM-to-HECM refinances will qualify for exterior-only inspections alone. In addition, mortgagees no longer need to provide a re-verification of employment as long as they can provide a year-to-date pay stub or a bank statement showing a direct deposit from the borrower's employer for the pay period that immediately precedes the settlement date. RMF is also making a change by reducing our seasoning requirements for HECM to HECM (H2H) refinances to 12 months. As always, there must be a clear, documented benefit to the borrower and seasoning is measured from the previous HECM’s closing date to the case number assignment date for the new HECM.
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