The origination of reverse mortgages fell by 7.3 percent on a sequential basis in the third quarter of 2017 in the wake of changes made to the program by FHA.
FHA saw many of the policies under the previous administration shelved during the first year of the Trump administration, including a proposal for a 25 basis point reduction in the annual mortgage in-surance premium, while waiting for a new commissioner to head the program.
Through three quarters this year, retail originations fell 20.2 percent while brokers saw a 10.3 percent production drop and correspondent lending declined by only 1.8 percent.
Certain temporary modifications have been made to allow lenders to submit demographic information if the currently available fields in the system match the data submitted. Otherwise, just leave the fields blank, according to the FHA.