Steve Irwin emphasized, "The tweaks and adjustments made over time continue to bolster the program's stability. Some of that performance is certainly due to home-price appreciation." He indicated that the strong performance of the HECM program can be attributed not only to favorable market conditions but also to essential changes implemented in the program. The financial assessment, collateral risk assessment, and second appraisals were mentioned as critical factors, despite the frustrations they caused in the industry.
Irwin stated, "We remain really pleased that the HECM program continues its strong performance, operating well above statutory requirements and recording a positive capital ratio for the fourth consecutive year." He acknowledged that the positive news regarding the FHA's Mutual Mortgage Insurance (MMI) Fund showcases the program's overall health, especially in the face of the challenges faced by the broader reverse mortgage business in 2024.
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