Items Tagged with 'reverse mortgages'

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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  • Open Mortgage is all in on reverse

    "We think chaos in the marketplace makes it a great time to invest"
    Whether you originate traditional mortgage loans or focus on reverse, it’s a tough time in the lending space right now. For Open Mortgage, that means there’s opportunity for those bold enough to go after it. "It's all about moving forward when others are stuck," said CEO and Founder Scott Gordon.
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  • HUD awards $47 million grant to housing counseling agencies

    Funding is crucial to success of reverse mortgage program
    The U.S. Department of Housing and Urban Development announced Wednesday that it has awarded $47 million in housing counseling grants. Some of the grant money went to agencies that offer reverse mortgage counseling, and the influx of cash will be crucial to keeping them in business and keeping the HECM program alive.
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  • How will FHA’s new HECM appraisal rules affect reverse mortgage lending?

    AMCs weigh in on the mandate requiring second appraisals on select loans
    The latest change to the reverse mortgage program was just announced, and it requires a second appraisal on select HECM loans. Now, the industry is abuzz with speculation as to just how impactful the new requirement will be. Will turn-times slow down? Will the loan be more expensive for most borrowers? We talked to appraisal management companies to find out.
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  • Liberty’s Michael Kent on the challenge – and the promise – of the reverse mortgage market

    “There is still significant opportunity in the future for our industry”
    No. 4 on the Top HECM Lender list, Liberty Home Equity Solutions is all in on reverse mortgages. It’s optimism about the HECM market is personified by its president, Michael Kent, whose cheery, ardent belief in the product means that talking to him about reverse mortgages can have the unintended side effect of also making you a proponent of reverse mortgages.
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  • Baseline stakes its claim in HECM space

    Offers reverse companies data and insight to fine-tune their business
    Analytics provider Baseline is staking its claim in the reverse mortgage space. The firm offers clients a deep dive into HECM data with origination trends, performance stats and endorsement info – and companies are taking note. Baseline launched two years ago, but it took time for the company to gain traction. Now, President Dan Ribler said it has picked up significant market share.
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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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