Items Tagged with 'Reverse mortgage'

ARTICLES

  • Reverse mortgages for the win

    Breaking down home equity use in our brand-new beat
    Before you tell me that reverse mortgages may be the most boring and least sexy topic you’ve ever heard, let me tell you this: You’re right. BUT, turning your equity into cash and using it to maintain your lifestyle in retirement is, actually, kind of sexy. Right?
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  • HousingWire acquires The Reverse Review, adds Editor Jessica Guerin

    Guerin to lead expanded coverage of housing wealth market
    More exciting changes are happening at HousingWire! This week, we are announcing our acquisition of The Reverse Review. This means a new fresh face at HousingWire. Reverse Review Editor Jessica Guerin is joining HousingWire’s staff as an editor to lead our expanding coverage of the housing wealth market and is launching a Reverse Review newsletter.
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  • Big changes at CIT: Exits reverse mortgage and servicing businesses

    Completes sale of Financial Freedom
    CIT Group, the parent company of CIT Bank, OneWest Bank, and Financial Freedom, announced Tuesday that it completed the previously announced sale of reverse mortgage company Financial Freedom to an unknown buyer. But that wasn’t the only piece of news that CIT dropped on Tuesday.
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  • Mutual of Omaha Bank acquiring Synergy One Lending

    Deal will allow Mutual of Omaha to expand into reverse mortgages
    Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, is expanding its mortgage platform by acquiring Synergy One Lending, a mortgage lender based in California. One important piece of the deal for Mutual of Omaha: acquiring Synergy One will allow the company to expand into reverse mortgage lending.
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  • FHA extends foreclosure moratorium for HECM borrowers in Puerto Rico, Virgin Islands

    Extends foreclosure freeze for hurricane victims
    Earlier this month, HUD announced that the FHA would be extending the foreclosure moratorium for Hurricane Maria victims in Puerto Rico and the U.S. Virgin Islands. The extension dealt only with forward borrowers, but HUD and the FHA are now extending the foreclosure moratorium for Home Equity Conversion Mortgage borrowers as well.
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  • Philadelphia considering new law designed to limit reverse mortgage foreclosures

    Bill addresses “unscrupulous practices” from some reverse mortgage lenders
    The city of Philadelphia is set to consider new legislation that would “prevent the spread of reverse mortgage foreclosures” in the city by “closing a loophole” in the city’s laws that some lenders allegedly exploit to foreclose on reverse mortgage borrowers.
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  • Reverse mortgage lender AAG expanding into traditional mortgage lending

    Plans growth throughout 2018
    American Advisors Group is one of the nation’s largest reverse mortgage lenders, but now, the company is expanding into traditional forward mortgage lending as well. According to AAG, it began piloting forward lending in 2017, and the company is now ready to roll out forward mortgages on a large scale.
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  • Ocwen considers selling more pieces of lending business

    Discloses that it may exit reverse mortgage lending
    When 2017 began, Ocwen Financial had six mortgage origination lines of business: correspondent, wholesale, and retail in both forward and reverse mortgage lending. But the nonbank could soon only have one active lending channel, as the company disclosed this week that it is considering selling off more pieces of its lending business.
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  • CIT Bank selling Financial Freedom, exiting reverse mortgage business

    Financial Freedom acquired as part of OneWest Bank deal
    CIT Bank is getting out of the reverse mortgage business. CIT announced late last week that it is selling Financial Freedom, the reverse mortgage company it acquired as part of its 2015 acquisition of OneWest Bank. In the last few months, Financial Freedom’s supposed business practices became big topics of discussion in various parts of Washington, D.C., due to Department of the Treasury Secretary Steven Mnuchin’s relationship to OneWest Bank.
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  • What do HUD's reverse mortgage changes mean for FHA mortgage insurance premiums?

    The health of the Mutual Mortgage Insurance Fund
    Since the suspension of mortgage insurance premium cuts back in January, the Trump administration has been silent on any plans to ever bring it back. But that silence finally broke on Tuesday when HUD discussed updates to its reverse mortgage program. From the outside, the updates don’t involve FHA mortgage insurance premiums, but do provide an overall assessment of the health of the FHA's Mutual Mortgage Insurance Fund, which is essential to any future cuts.
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