Friday Round-Up: Servicers Hit Mortgage Speedbump, CFPB Fines Insurer

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

Nonbanks hit mortgage speedbump, search for niche opportunities. For some, the niche opportunity could be lending to underserved and minority borrowers excluded from the market once the Qualified Mortgage rule takes effect in January.

Reverse mortgage lenders face hurdles in partnering with financial planners. Cost sensitivity and level of expertise are some of the challenges reverse mortgage lenders will have to overcome in establishing a referral partnership, said one financial planner during a reverse mortgage conference this month.

Shifting retirement views could impact reverse mortgage potential. A national survey revealed that changing ideas about retirement and debt may shed some light on future reverse mortgage utilization.

The economy isn’t to blame for multi-gernerational housing demand. Seniors’ willingness to move in with relatives isn’t driven by home prices or the recent economic downturn, rather it has been fueled by trends of an aging population.

CFPB fined a mortgage insurer for alleged kickback activity. The Consumer Financial Protection Bureau ordered Republic Mortgage Insurance Corporation to pay $100,000 as part of a settlement regarding alleged mortgage kickbacks. 

Written by Jason Oliva

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