Friday Round-Up: Genworth Suspends Products, Brokers Cut from Lender List

In case you missed it, it was an eventful week for reverse mortgage providers.

Genworth cut several HECM product offerings. Genworth Financial Home Equity Access (GFHEA) announced late Wednesday it is temporarily eliminating a range of reverse mortgage products offered through its wholesale and correspondent channels, including adjustable rate HECMs (both the Standard and Saver) as well as fixed rate HECM products for manufactured homes.

A change cutting brokers from the HUD HECM Lender list came to light. Since the Federal Housing Administration made the shift to include non-FHA-approved third party originators to originate HECM loans, the HUD Lender List has cut all non-FHA approved brokers, even though they are approved through their lenders. Brokers raised concerns over establishing legitimacy when they are not on the list…

The CFPB debuted its Office of Older Americans chief. Senior financial protection czar Hubert “Skip” Humphrey has taken the reins and said he will be on the lookout for senior scams including those that impact seniors’ home equity.

Two lenders saw retail volume double this year. A Reverse Market Insight report indicated that American Advisors Group grew its volume 115.1% and MetLife gained 90.1% in 2011. Total endorsement growth in the reverse mortgage industry was up 5.3% in August.

In a forward world, reverse got some special attention. A reverse mortgage booth at a  national Mortgage Bankers Association conference saw lots of forward interest in reverse products. Participants said it was a “healthy” level of interest.

…and look out for RMD, appearing live on a 9 am panel at the NRMLA Boston conference this coming Monday. We’ll be talking about how you can best share your reverse mortgage story with the press. Stay tuned!

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