Reverse

Figure Technologies expands leadership team

Hires former Fidelity exec and chief economist to advance mission to help homeowners access equity
Figure Technologies announced its intention to shake up home equity lending in the fall, and now it's making key hires to help achieve this goal. The fintech company is the brainchild of former SoFi co-founder and CEO Mike Cagney, who launched the company last March with the goal of leveraging AI, blockchain and advanced analytics to revolutionize home equity lending.
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Do home equity loans affect your credit score?

New study analyzes 2,500 borrowers to find out
Despite record amounts of home equity, fewer homeowners are tapping into this source of wealth. While a number of factors contribute to this fact, could concerns about a home equity loan's effect on credit score play a role? To determine the impact a home equity loan could have on a borrower's credit profile, LendingTree analyzed data from 2,500 consumers to see how their credit scores changed in the months after they took out a loan, and the results may surprise you.
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Nationwide Mortgage Bankers appoints new EVP of sales

Robert Jayne has more than 25 years of experience in the reverse mortgage industry
Nationwide Mortgage Bankers recently announced the appointment of Robert Jayne as the company’s new executive vice president of sales. Nationwide Mortgage Bankers Founder Richard Steinberg said Jayne is an all-around great leader and mortgage visionary.
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HELOC borrowers increasingly likely to shop for alternative funding

Study shows HELOC providers face growing threat from alternative lenders
HELOC volume has been limp in the last year despite rising equity levels thanks to rising interest rates and new tax laws, and now HELOC providers are facing increased competition from alternative lenders. A recent survey by J.D. Power revealed that homeowners are researching their options, looking into alternative funding sources before selecting a HELOC.
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Older homeowners are driving the home improvement market

Harvard study says Baby Boomer spending on accessibility improvements will soar
Armed with record amounts of home equity and an expressed desire to remain in their homes as they age, older homeowners are driving the home improvement market. A recent study by the Joint Center for Housing Studies at Harvard University revealed that households 55 and older account for half of all current home improvement spending. And, as Baby Boomers reach their 70s and 80s, researchers say their investments in home modifications to enhance accessibility will soar.
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Reverse Mortgage Funding reduces fees, broadens broker access to proprietary reverse mortgage

Now accessible on a second LOS, Equity Elite also has lower origination fees and closing costs
New York-based Reverse Mortgage Funding jumped on the proprietary reverse mortgage train in May, becoming the third lender to offer a non-agency, jumbo reverse mortgage with the launch of its Equity Elite product. Now, less than a year later, the lender announced it is cutting the cost of its offering and making it available to a larger pool of brokers by appearing on ReverseVision's LOS.
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CFPB calls out reverse mortgage servicing problems

Warns servicers to review documentation sent to heirs to avoid risk of deception
As part of its ongoing effort to keep tabs on loan servicers, the Consumer Financial Protection Bureau released a report this week that highlighted problems with the servicing of reverse mortgages. According to the bureau, a recent examination brought to light the fact that some reverse mortgage servicers have issued misleading statements to the heirs of deceased reverse mortgage borrowers.
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Reverse mortgages see near-even decline in wholesale, retail

January data details volume dip
Reverse mortgage volume dropped 5.7% industry-wide in January, with wholesale and retail experiencing similar declines. According to the latest data from Reverse Market Insight, the wholesale channel fared best with a 5.3% dip, while retail declined 6%. In all, the industry closed 1,649 loans that month.
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Seniors now have a collective $7 trillion in home equity

Housing wealth among the senior set reaches record levels
Housing wealth for homeowners 62 and older continues to grow at a steady clip, reaching a record $7.05 trillion in the fourth quarter of 2018. The National Reverse Mortgage Lenders Association revealed that senior housing wealth grew 1.4% in the last quarter thanks to an increase in senior home values.
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