Items Tagged with 'HECM'

ARTICLES

  • ReverseVision launches first-ever HECM borrower satisfaction benchmark

    Partners with STRATMOR Group to offer lenders insights based on customer feedback
    ReverseVision and STRATMOR Group just unveiled the MortgageSAT program, which surveys HECM borrowers on all aspects of their origination experience to provide lenders with deeper insights into ways they can improve the loan process. The program aims to help lenders better understand how they can elevate their services.
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  • Should you use home equity to delay Social Security?

    The CFPB warned against it, but experts say it works
    For some time, reverse mortgage lenders touted a strategy that involves obtaining a HECM early on in retirement in order to delay taking Social Security, therefore maximizing its benefit. But then the CFPB issued a warning against it. Now, retirement researchers and financial advisors say the strategy still has real merit, but suitability depends on a case-by-case basis.
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  • Allegiant Reverse Services sees uptick in mortgage wire fraud attempts

    Says title companies are being extra vigilant in spotting red flags
    Across the mortgage lending space, wire fraud attempts are on the rise as hackers become increasingly sophisticated in their methods of deception. Reverse mortgage title company Allegiant Reverse Services said it has spotted multiple incidents where a scammer poses as a HECM borrower requesting a wire transfer.
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  • It’s been one year since HUD shook up the reverse mortgage industry

    With 10/2 program changes firmly in the rearview, how did the industry fare, and what’s ahead for players in the space?
    Tuesday marked exactly one year since HUD implemented HECM program changes in a move that took lenders by surprise and drastically impacted the reverse mortgage business. It’s been a rocky year as originators attempted to adjust to the new normal, and it seems no one got out unscathed. Will product innovation help the industry find its footing, or will another round of program changes knock it off its feet?
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  • FHA: We saw appraisal issues on 37% of HECM loans

    Agency will use confidential collateral risk assessment to look for patterns among lenders
    The FHA's investigation into possible appraisal inflations on reverse mortgage loans revealed an issue the agency decided it must address. The FHA said Monday that out of the 134,000 appraisals it reviewed, approximately 50,000 were inaccurate by at least 3%. FHA Commissioner Brian Montgomery said it was hard to know how many appraisals will be flagged for a second review moving forward, and that the agency intends to monitor the efficacy of the new guidelines throughout the year.
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  • Reverse Mortgage Funding focuses on growing TPO business

    “We are 100% dedicated to this space and we’re not going anywhere.”
    Founded in 2014, New York-based Reverse Mortgage Funding hasn’t been around as long as the other leading HECM lenders, but that hasn’t stopped it from staking its claim on the top lender list. To retain its foothold, RMF is diving deep into its third-party origination business, funneling sizable resources into providing a holistic service to its brokers and principal agents.
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  • FHA to require second appraisal on select reverse mortgages

    Aims to combat inflated valuations, reduce MMI Fund risk
    The Federal Housing Administration announced Friday that it will require reverse mortgage lenders to provide a second property appraisal on loans flagged by FHA as potentially having an inflated property valuation. The agency said the move is intended to reduce risk to the Mutual Mortgage Insurance Fund, which will ultimately ensure the long-term sustainability of the program.
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  • HECM professionals set to meet in San Diego

    Annual industry event will focus on forward-looking strategies for success
    The reverse mortgage industry’s biggest event is just one month away. More than 400 HECM professionals from 155 companies will meet at NRMLA’s annual conference next month to discuss issues affecting their work. “We won’t succeed if we keep doing things the way we always have,” said NRMLA Executive Vice President Steve Irwin. “Now is the time to identify new opportunities, new methodologies and new processes to leapfrog this industry forward.”
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  • HECM volume inches upward

    Latest data shows signs of slow recovery
    It’s been a tough year for the reverse mortgage space. Next week marks the one-year anniversary of the implementation of changes to the HECM program that shook the industry to its core, significantly slashing loan volume. But the latest report from analytics provider Reverse Market Insight shows that recovery is in the works, even if the pace is slow.
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