Friday Roundup March 18: This Week in Reverse Mortgages

The NRMLA West Conference took place in Newport Beach: NRMLA’s conference drew more than 200 attendees to Newport Beach, Calif. in order to address topics such as the Fed’s loan officer compensation rule and findings from NRMLA’s Soft Landing Program, which aims to work with reverse mortgage borrowers who are in tax and insurance default.

RMS launched a major expansion into the reverse mortgage origination business: Formed in 2007 as a provider of loan servicing and private-label subservicing technology for reverse mortgage products, Reverse Mortgage Solutions (RMS) will enter into the origination side of the business through a new retail call center and correspondent channel.

NRMLA and the House Financial Services Committee requested that the Fed delay implementation of the loan officer compensation rule: House Financial Services Chairman Spencer Bachus and 31 House Republicans signed a letter urging the Fed to delay implementation of the rule; NRMLA submitted a letter urging the same effect on Tuesday.

FHA Commissioner David Stevens said he will lead the MBA: The Wall Street Journal reported on Tuesday that Stevens will be named the next chief executive of the Mortgage Bankers Association. He will succeed John A. Courson in May.

…and HECM volume was down slightly in the first quarter: New FHA data showed HECM volume fell very slightly from the previous quarter, though “substantially” from the year-ago period.

Written by Elizabeth Ecker

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