Breaking News
  • It’s official: Trump nominates Mark Calabria to lead FHFA

    Late Tuesday night, President Donald Trump announced his choice to lead the Federal Housing Finance Agency – Mark Calabria. Calabria’s nomination must still be approved by the Senate, but with his extensive background in housing, and a Republican majority in the Senate, that isn’t expected to be a problem. Click the headline to read more.

Items Tagged with 'NRMLA'

ARTICLES

  • Reverse mortgage industry reacts to FHA’s hint at future policy changes

    Last week’s actuarial report suggests more change is on the horizon
    Last week, FHA’s 2018 Report to Congress revealed the HECM portfolio’s continued drain on the MMI Fund. While the agency said it was optimistic past policy changes would improve the program, it also suggested more change is coming for HECMs. While this wasn’t exactly welcome news for an industry that can’t seem to catch its breath, reverse execs offered a measured response to FHA’s report.
    Read More
  • 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.
    Read More
  • 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.
    Read More
  • Proprietary reverse mortgages essential to helping more homeowners access equity

    Expert panel predicts more products will emerge to fill HECM's void
    Proprietary reverse mortgages are key to helping American homeowners unlock the wealth in their homes, and we'll likely see more of them come to market, said panelists at NRMLA's annual meeting on Monday. "Ultimately, what we're trying to do is create solutions for borrowers and give them flexibility and choice," said Jonathan Scarpati, vice president of wholesale at Finance of America Reverse.
    Read More
  • Committee tracks impact of FHA’s second appraisal rule

    Collects lender data looking for clues on FHA’s methods
    Members of the HUD Issues Committee within the National Reverse Mortgage Lenders Association are taking a deep dive into the Federal Housing Administration’s second appraisal rule for select HECM loans. “We are tracking what we think are key elements to see if we can’t figure out where some of the problems may lie,” said Committee Chair Elly Johnson. Here’s what they’ve uncovered so far.
    Read More
  • HUD: Reverse mortgage second appraisal rule affecting about 20% of HECMs

    Panel gives update on impact of recent HECM program changes
    The latest mandate requiring a second appraisal on select reverse mortgage loans has affected about 20% of HECM appraisals so far, according to representatives at the Department of Housing and Urban Development. Speaking on a panel at NRMLA's conference on Monday, HUD staff members presented data on the impact of the new appraisal rule and other recent changes made to the reverse mortgage program.
    Read More
  • 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.
    Read More
  • 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.”
    Read More
  • 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?
    Read More