Items Tagged with 'National Reverse Mortgage Lenders Association'

ARTICLES

  • USA Today blasts reverse mortgages, industry fights back

    Trade association says reporters jumbled the facts, skimmed over rule changes
    Last week, USA Today released a scathing investigative story that took aim at reverse mortgages, blasting lenders for targeting impoverished, elderly homeowners and leading a substantial number of them into foreclosure. Then, it followed it up with an even more damning op-ed by its Editorial Board. The National Reverse Mortgage Lenders Association fought back with its own op-ed on the matter, calling out the publication for failing to tell the full story.
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  • FHA's Montgomery says "more flexible" condo rules are coming

    Says agency is actively working to revise condo approval requirements
    FHA Commissioner Brian Montgomery said the agency is currently working to revise its condominium approval rules and that he expects a final rule to be announced soon. After a near three-year wait, Montgomery said the industry can expect a final ruling on the proposed revisions that will be "less prescriptive and more reflective of the current market."
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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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  • Industry groups urge HUD to finalize FHA condo rules

    Realtors, reverse mortgage professionals demand a resolution
    HUD has been dragging its feet on finalizing its rules for condos that can receive FHA financing, and industry groups have had enough. The National Association of Realtors and the National Reverse Mortgage Lenders Association are insisting HUD set new rules into place that make financing more attainable for first-time homebuyers, urban residents and seniors.
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  • Senior housing wealth reaches all-time high

    Homeowners over 62 have now amassed $6.97 trillion in home equity
    Senior homeowners continue to amass record amounts of home equity. An index tracking home equity levels for homeowners 62 and older by the National Reverse Mortgage Lenders Association and RiskSpan reveals that housing wealth for this group grew 1.4% to $6.97 trillion in the third quarter of 2018.
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  • FHA automates reverse mortgage second-appraisal process

    Lenders will now get an immediate response
    The FHA fully automated the second-appraisal process for HECM lenders on Friday, a move it had promised would come by December 1st. Now, lenders will receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.
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  • A guide to grassroots reverse mortgage marketing

    Cost-effective tips for growing your business
    It’s a tough climate in the reverse mortgage space right now, and there are not many out there who are able to throw down big money on marketing. That’s why learning grassroots marketing skills to promote your services locally is more important than ever. Jim McMinn, lead sales trainer at Finance of America Reverse, offered his tips at NRMLA’s annual meeting on how to make grassroots marketing work for you.
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  • Stanford: Boomers are entering retirement with less savings, greater mortgage debt

    Could home equity access be the solution?
    Americans are now living longer than ever before, and experts predict that a record number of Baby Boomers will soon enter retirement. But when compared to past generations, the Stanford Center on Longevity has discovered the landscape of homeownership and retirement in America is changing – for the worse.
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  • Appraisal experts: Here’s how you can best prepare your borrower

    Set expectations, and if they must appeal, bring solid comps
    Borrowers often have considerable expectations when it comes to their home’s estimated value, and navigating these can be tough for both the loan officer and the appraiser. Experts from two appraisal management companies recently discussed how to best prepare a borrower for an appraisal the National Reverse Mortgage Lenders Association conference in San Diego, and here’s what they said.
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