Mortgage Servicing

Servicing: Is Anyone Home? 

Older Americans no longer think of themselves as older, and “Baby, [they] were born to run!” A demographer once quipped, “Boomers are going to be 18 til they die!” Reverse mortgages provide many borrowers with the autonomy they seek under one simple condition: the home must remain their primary residence. Servicers use two primary methods to monitor occupancy status: annual Occupancy Certificates and Return Mail. HUD requires accurate tracking and follow-up without exception, and the task of monitoring occupancy requirements is a key component of the servicing function. It can be time-consuming and may require extensive and sensitive follow-up with