First American, First to Score Reverse Mortgages
First American bank logo
Scoring and regulation in the reverse mortgage industry is still in it’s infancy. In other words the oh so complicated metrics that traditional mortgages carry have yet to crossover to the reverse mortgage market. First American recently put out a release touting to have the 1st Reverse Mortgage Scoring system.
The new loan-level score examines a broad range of homeowner and property data obtained from First American’s extensive data repository, the company said in a press statement. For example, it takes into account the number of borrowers on the loan and their ages. Specific property information analyzed to determine the score includes: eligible residences, property types, appraised values, outstanding mortgages and liens, and the new HECM national loan limit of $417,000. The weighted value score generated predicts the likelihood of the loan being eligible for an HECM reverse mortgage. More
Let’s watch how an industry that desperately needs competition, which is showing up and more oversight will adjust to standardization.
![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
Related posts:
- Properties Not Eligible for Reverse Mortgages
- Facts on Reverse Mortgages
- Are You Ready For Reverse Mortgage Counseling?
- New HUD Rule Allows Reverse Mortgages For Home Purchase
- National Reverse Mortgage Counselor Network
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
This is very helpful information. thanks for this post!