In case you missed it… here’s what happened in reverse mortgage news this week.

MetLife pulled the plug on its borrower financial assessment … for now. The company was the first to publicly introduce a financial assessment for borrowers in an effort to prevent tax and insurance defaults. Citing the lack of other lenders to implement such a policy as well as borrower confusion caused by multiple standards in the marketplace, MetLife announced Wednesday it is suspending its assessment but remains committed to the concept.

Then Urban Financial released a proposed assessment of its own… Urban sent proposed guidance in an effort to gather feedback from its industry partners but has not set any time frame for implementing a financial assessment.

Continue reading →

Urban Financial Group notified its wholesale partners this week that it is seeking feedback on proposed financial assessment guidelines for its reverse mortgage borrowers.

In a memo obtained by RMD, Urban outlined the draft of proposed guidelines for borrowers and is seeking comments between now and January 27. The company has not indicated any time frame for implementing any guidelines, a company spokeswoman told RMD.

“It is important that the entire industry be proactive on this matter to help assure the long term viability of the HECM program,” Urban said in an email to its wholesale partners. “Before we announce our final policy, we want our partners’ feedback on our proposed financial assessment guidelines.”

Continue reading →

In these tough economic times, many retirees are looking for ways to guarantee income in their later years, and getting a reverse mortgage is one possibility, says a recent CNBC article.

As the name implies, such loans work in the reverse order from a typical mortgage, in that you receive a monthly check from your lender based on the amount of equity you own.

There are generally no income restrictions for eligibility, and according to the Federal Trade Commission, the proceeds from your home are tax-free and do not affect your Social Security or Medicare benefits.

Continue reading →

Generation Mortgage has announced that it’s moving away from its proprietary lending system to the use of Mortgage Cadence’s enterprise lending platform, Orchestrator, Finale Document Services, and the Mortgage Cadence Opus imaging solution.

“Making the transition from our own technology to working with Mortgage Cadence will allow us to focus on our business processes and strategies,” said Mark Sohl, Chief Operating Officer from Generation Mortgage, in a statement. “The ability to leverage Mortgage Cadence will enable us to focus our time and energy on continuing to provide the superior customer service in which we pride ourselves.”

By upgrading to this product suite, top-ten reverse mortgage lender Generation now has “complete and comprehensive system integration” that promises “greater efficiency and scalability in multiple business channels under the umbrella of a single solution,” according to Mortgage Cadence.

Continue reading →

The smallest of banks might get a pass when it comes to Consumer Financial Protection Bureau enforcement, the CFPB’s director told a House oversight committee during a hearing this week, referencing an earlier conversation with the Independent Community Bankers of America.

That conversation, which took place via conference call and is outlined on ICBA’s website, reports that Cordray “emphasized that the bureau is focused on leveling the playing field with nonbank providers, such as mortgage brokers and payday lenders, so responsible businesses, such as community banks, can thrive and prosper.”

Continue reading →

In a continually changing industry, reverse mortgage lenders are gearing up for growth in 2012—and they’re staffing up accordingly. Openings from loan originators to branch managers and servicers are all up for grabs, so check out the following opportunities from both national and regional companies across the U.S. For a complete list of jobs that are open, visit Reverse Mortgage Jobs Online.

The list continues to grow. Check out the opportunities below.

Continue reading →