The financial turmoil caused by the coronavirus pandemic has prompted many seniors to consider, for the first time, a reverse mortgage

In her letter, Rep. Waters acknowledges the need to manage the risk associated with forbearance loans, bu recommends an alternative to the steep LLPAs leveled by FHA and FHFA. Instead, the congresswoman says those costs should be spread across the agencies’ broader single-family portfolios, resulting in “near-negligible costs on any individual loan.”

Quicken Loans was the top ranked FHA producer for the year with $17.4 billion, followed by United Wholesale Mortgage ($13.1 billion) and Freedom Mortgage ($8.7 billion).

Production of FHA-insured reverse mortgages fell in the third quarter of 2019 despite of a strong housing market, according to an Inside FHA/VA Lending analysis.

Priorities for the House Financial Services Committee this fall include increasing access to homeownership via the FHA.