Reverse

ReverseVision launches interactive comparison tool for reverse mortgages

Allows users to assess the HECM versus HELOC and other loans
ReverseVision has long been on a mission to elevate reverse mortgage technology to encourage more borrowers and traditional loan officers to consider the product. Now, the three-time HW Tech100 winner is upping its game with the launch of a new loan comparison product that enables users to weigh a HECM against a HELOC or a first- or second-lien mortgage – a tool it hopes will help LOs and consumers better understand reverse mortgages.
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Mortgage borrowers win protection in Ditech bankruptcy, Ditech fights back

New York court must rule on Ditech's objection
The long and winding saga of Ditech's bankruptcy continues, as the U.S. Trustee grants a request to create a committee to protect consumer interests in the proceedings. The committee is intended to ensure that borrowers who have a mortgage with Ditech or its subsidiaries don't get trampled in the proceedings, but if Ditech has its way, this group will be disbanded before it has a chance to weigh in.
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Live Well Financial's abrupt closing leads to host of problems

Creditor pledges to pursue "all available sources of collection" while former employees sue for lost wages
Live Well Financial abruptly shuttered operations earlier this month, blaming unforeseen market conditions and regulatory issues that rendered the company without sufficient capital to continue funding traditional and reverse mortgage loans. But now, the company has to deal with the damage left in the wake of its decision to abruptly close – and it looks like the cleanup will likely be expensive.
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Appeals court revives class-action suit against Nationstar for redundant flood insurance

Reverse mortgage borrower alleges "improper" insurance cost her thousands
A federal appeals court in Florida overturned a previous ruling last week that will mean Nationstar will now have to face allegations from a reverse mortgage borrower that it violated Florida law by charging homeowners for unnecessary flood insurance. The ruling could unleash a wave of trouble for the servicer, who now must face the possibility that the class-action suit will bring other such stories to light.
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FHA clarifies certification requirements to streamline HECM lending

Proposes updates to annual and loan-level docs, does away with "jumbled legalese"
The Federal Housing Administration is clarifying its rules to ease compliance concerns and encourage more banks and lenders to participate in its mortgage lending programs. Among the proposed changes are revisions to HECM loan-level documents that are intended to reduce confusion. Click the headline for details.
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Figure Technologies lands $1 billion blockchain investment to revolutionize HELOC lending

Partnership with Jefferies and WSFS Institutional Services creates massive financing facility
Blockchain lending startup Figure Technologies launched with a promise to disrupt home equity lending using cutting-edge technology, and it appears to be well on its way to achieving this mission. The company announced Thursday that it closed on an asset-based financing facility on blockchain of up to $1 billion alongside Jefferies and WSFS Institutional Services. CEO Mike Cagney said the facility "paves the way for the first securitization on chain, which will demonstrate the massive cost savings, risk reduction and liquidity benefits blockchain delivers."
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Sale-leaseback company EasyKnock announces $215 million capital raise, launches new product for home shoppers

Will buy your house from you, then let you live there while you shop around
Sale-leaseback company EasyKnock just scored a massive cash infusion, announcing that it has secured $215 million in a debt-equity round, and launched a new product, a play off the sale-leaseback concept marketed toward homeowners looking to buy their next home. The new offering promises to edge out iBuyers with a quick sale at a better rate, plus the ability to let customers stay put while they contemplate their next move, cash in hand.
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These are the ZIP codes where homeowners hold the most equity

No surprise, California markets top the list
More than a quarter of mortgaged properties in the U.S. were rich with equity in the first quarter of 2019, according to the latest from ATTOM Data Solutions. That means that 14.4 million U.S. properties are equity-rich. Here's where the greatest number of them are located.
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