NRMLA says it will keep pushing for HECM insurance changes after remarks by Ginnie Mae president

Last week, Ginnie Mae President Joe Gormley said that the Trump administration is “very comfortable” with the current structure of mortgage insurance premiums (MIPs) for Federal Housing Administration (FHA) single-family home loans and reverse mortgages. The comments caught the attention of reverse mortgage industry leaders, who say they will continue to advocate for a revamped pricing structure on FHA-insured Home Equity Conversion Mortgages (HECMs). In an exclusive interview with HousingWire, Gormley indicated that the U.S. Department of Housing and Urban Development (HUD), which oversees FHA and Ginnie Mae, does not plan to make any changes to the mortgage insurance premiums currently attached to FHA-backed forward and reverse mortgages. His remarks came nearly a year after HUD began seeking feedback on the future of the HECM and HECM Mortgage-Backed Securities (HMBS) programs, which have seen activity stall in recent years. But Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA), said this week that the trade group is not shelving its efforts to improve the programs — particularly when it comes to the upfront MIP for HECM loans. More ‘opportuniti...