Items Tagged with 'NRMLA'

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  • FHA to require second appraisal on select reverse mortgages

    Aims to combat inflated valuations, reduce MMI Fund risk
    The Federal Housing Administration announced Friday that it will require reverse mortgage lenders to provide a second property appraisal on loans flagged by FHA as potentially having an inflated property valuation. The agency said the move is intended to reduce risk to the Mutual Mortgage Insurance Fund, which will ultimately ensure the long-term sustainability of the program.
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  • HECM professionals set to meet in San Diego

    Annual industry event will focus on forward-looking strategies for success
    The reverse mortgage industry’s biggest event is just one month away. More than 400 HECM professionals from 155 companies will meet at NRMLA’s annual conference next month to discuss issues affecting their work. “We won’t succeed if we keep doing things the way we always have,” said NRMLA Executive Vice President Steve Irwin. “Now is the time to identify new opportunities, new methodologies and new processes to leapfrog this industry forward.”
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  • Senior home equity continues to smash records

    Hits nearly $7 trillion
    Senior housing wealth just keeps climbing. According to the NRMLA/RiskSpan Reverse Mortgage Market Index, aggregate home equity levels for homeowners 62 hit $6.9 trillion in the second quarter of 2018. That’s a $130 billion jump from the previous quarter. But will they utilize these funds in retirement?
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  • Who’s the average reverse mortgage borrower?

    Data sheds light on who takes a HECM
    No longer a loan of last resort, reverse mortgages are increasingly considered a useful tool for retirement income planning. Recent data from the National Reverse Mortgage Lenders Association paints a picture of who takes a HECM.
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  • NRMLA News: Misinformation Spreads Virally

    On the Docket The misinformation spreads virally. A consumer advocate hears a complaint from a disgruntled reverse mortgage borrower. The consumer advocate is interviewed by a CFPB staffer for a reverse mortgage report and repeats the complaint, which has now become an anecdote. The CFPB, trying to deliver a report without compiling any data, draws conclusions from the anecdote. A New York Times reporter picks up the conclusion based on the anecdote and reports it as fact. (After all, it came from the CFPB!) Reporters in Jacksonville and Houston repeat the conclusion. (After all, it was in The It helps.
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  • NRMLA News: It’s Sometimes Fair Weather

    So here we are, 585 reverse mortgage professionals heading to San Antonio to thoroughly discuss all aspects of our business at NRMLA’s three-day Annual Meeting & Expo. And we all wake up Monday morning to get gobsmacked by the following headline in The New York Times (on the front page, no less): "Loan Lifeline to Retirees Is Taking Its Toll: Reverse Mortgages Costing Some Their Homes."In the story, financial reporter Jessica Silver-Greenberg, a rookie on reverse mortgages as far as we know, identifies a list of issues with reverse mortgages. And here’s the Were two times vigor canadian pharmacy 24
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  • NRMLA News: Borrower Interviews Provide Evidence-Based Response to CFPB Questions

    On the Docket Seniors are deliberate and careful when making decisions about reverse mortgages. They seek advice from trusted advisors and they primarily use the proceeds from their reverse mortgages to age in place, according to a new survey of 501 reverse mortgage borrowers released by NRMLA in early September.The survey was commissioned specifically in response to the CFPB’s Notice and Request for Information published in the Federal Register on July 2, 2012. To obtain evidence-based answers that reflect the real-life experiences of reverse mortgage borrowers, NRMLA retained ORC International of Princeton, New Jersey, one of the oldest, most established
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