Items Tagged with 'REVERSE MORTGAGE SERVICING'

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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  • FHA takes steps to relieve balance sheet stress for reverse mortgage issuers

    Relaxes documentation guidelines to streamline assignments to HUD
    The Federal Housing Administration issued new guidelines Monday to ease documentation requirements for reverse mortgage issuers. With revised rules in place, the FHA aims to address the rigorous reporting requirements that were gumming up the works, adding serious stress to the balance sheets for reverse mortgage issuers.
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  • Servicing reverse mortgage loans in a hurricane's wake

    Celink urges lenders to learn more about servicing after a natural disaster
    Two weeks ago, Hurricane Michael decimated parts of the Florida panhandle, leaving thousands of homeowners – and reverse mortgage borrowers – left to deal with the destruction. Reverse mortgage loan servicer Celink urges lenders to connect their borrowers with their servicer to work through the repair process, and if you’re confused about what that is, "pick up the phone and call us!"
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