Friday Round-Up: First National Bank Exits Reverse Mortgages

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

First National Bank exited the business. After growing its origination platform to become a top-10 lender, the company announced this week it would discontinue its reverse mortgage operations. “Management and the Board of Directors have determined, after a careful strategic review, to discontinue offering the reverse mortgage product,” the company said. 

Top lenders talked growth plans, said opportunity is far from over. RMD talked with Genworth, AAG and Security One, all showing business more than double this year, to hear their take on the opportunities that remain as big bank volume moves further off the books. 

Urban announced the hires of three new retail managers. The managers, formerly of MetLife, will head up regional growth for the company’s growing retail arm, taking its presence nationwide.  

The CPFB announced it will make consumer credit card complaints public. Those complaints will include names of issuers, a point contested by credit card companies. The bureau has yet to make a similar announcement regarding mortgage complaints, but it is currently gathering those complaints through an online database. 

….and the CFPB called for a public hearing on reverse mortgages. The hearing, scheduled to take place on June 27 in Tampa, Florida, will include comments from CFPB director Richard Cordray as well as other CFPB officials, consumer groups and reverse mortgage industry participants. 

Have a news tip? Contact us.

Written by Elizabeth Ecker

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