Items Tagged with 'reverse mortgages'

ARTICLES

  • 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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  • Bloomberg: Reverse mortgages are staging a comeback

    Industry embraces academics, leaves behind celebrities to spread new message
    Reverse mortgages might be "America's most hated home loan," according to a recent article in Bloomberg, but the news outlet also says they are staging a comeback thanks to the support of leading academics. In the past, these loans were touted as an option for cash-strapped seniors by aging celebrity pitchmen. But now, lenders are turning to retirement researchers and high-profile financial planning experts to promote the product's use as a smart financial planning tool.
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  • Is Liberty Home Equity Solutions about to get in on the proprietary reverse mortgage game?

    Parent company Ocwen reveals successful pilot program
    It seems Liberty Home Equity Solutions may be the next HECM lender to launch a proprietary reverse mortgage product. Liberty's parent company, Ocwen Financial, recently revealed that the company successfully test drove a non-agency reverse product in financial documents detailing fourth quarter earnings.
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  • Reverse mortgage volume soars, but don't be fooled

    143% uptick most likely post-shutdown catchup
    Reverse mortgage endorsements soared 142.7% in February, closing out the month with 4,002 loans, according to the latest data from Reverse Market Insight. But don’t be fooled – it's not the recovery of the industry's dreams, rather a likely result of catch-up after the 35-day government shutdown ground HECM endorsements to a halt.
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  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
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  • Finance of America Reverse rebrands as retirement solutions provider

    Announces partnership with home sharing service Silvernest
    Reverse mortgage lender Finance of America Reverse has announced it is rebranding as a provider of retirement solutions dedicated to helping people "get to work on retirement." FAR President Kristen Sieffert said the move is essential to change the conversation about reverse mortgages, stating that, "It's critical that we become more than a just a lender."
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  • FHA: No PLF changes for reverse mortgages

    Report reveals HECM’s drain, but FHA says it’s moving in the right direction
    The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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  • FHA will not cut mortgage insurance premiums

    Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
    The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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  • Reverse mortgage lender American Advisors Group expands to VA loans

    Seeks to provide seniors with more home equity solutions
    Top reverse mortgage lender American Advisors Group has expanded its product offerings to include VA loans. The move is part of the company’s rebrand as it pivots away from its reverse-only focus, offering an expanded product suite with the goal of helping America’s seniors "retire better."
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