Friday Round-Up: Financial Assessment Upside, NewDay Fined for Violations

In case you missed it… here’s what happened in reverse mortgage news this week.

Baby Boomers’ Wealth is Shifting Their Aging in Place Decisions—Baby Boomers’ housing preferences are shifting and this is having an impact on whether they will wish to age in place in the future, says a recent report from the National Association of Real Estate Investment Trusts (NAREIT). Rising wealth is leading to more boomers moving in retirement, the report indicates.

WaPo: Window Closing To Apply For Hassle-Free Reverse Mortgage—Mainstream news outlets including the Washington Post are stressing the closing window of time to apply for a reverse mortgage before the financial assessment sets in later this month.

State Regulators Take Action Against Former Reverse Mortgage Lender NewDay—The latest in a series of actions against NewDay, state regulators announced a Settlement Agreement and Consent Order with the former top-15 reverse mortgage lender for allegedly violating mortgage licensing and testing rules.

Reverse Lenders See Big Growth Potential in Financial Assessment—While lenders have often focused on the downsides of financial assessment as it relates to volume impact and ruling out some borrowers, this week a panel of industry leaders pointed to the long-term upsides of the assessment: less headline risk, more opportunities for B2B partnerships and more safeties for borrowers.

Reverse Mortgage Lenders Manage Demand as Financial Assessment Nears—Lenders saw an uptick in volume before the initial financial assessment implementation date, but are continuing to see a rush in application volume leading up to April 27. They spoke to RMD about managing the demand.

Written by Elizabeth Ecker

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