Article originally published on
Reverse Mortgage Daily by Alyssa Gerace
Two new ethics advisory opinions have been crafted and published in light of recent changes to the federally-insured home equity conversion mortgage (HECM) program.
The National Reverse Mortgage Lenders Association’s Ethics and Standards Committee has released two advisories which discuss anti-churning and the new single lump sum disbursement payment option, and the ethical considerations affecting HECM initial mortgage insurance premium (MIP) decisions.
NRMLA members are restricted from refinancing single disbursement lump sum loans within the first year of closing a HECM loan under the
Ethical Refinancing of HECM Single Disbursement Lump Sum Payment Option Loans and Anti-Churning Practices advisory opinion due to the potential impact on the secondary market… [
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Tags: Legal News, MIP, Mortgage, Reverse Mortgage