Late Thursday the The Federal Deposit Insurance Corporation (FDIC) announced that it had completed the sale of IndyMac Federal Bank FSB to OneWest Bank, FSB, a newly formed Pasadena, California-based federal savings bank organized by IMB HoldCo LLC with total assets of approximately $16.0 billion. The new owners injected $1.55 billion in common equity and [...]

MetLife Mature Market Institute released a new report which finds that elder financial abuse costs older Americans more than $2.6 billion per year.  Broken Trust: Elders, Family and Finances states up to one million older Americans may be targeted yearly and that related costs like health care, social services, investigations, legal fees, prosecution, lost income and [...]

EquityKey sent out a notice to originators last week informing brokers them that it had been repurchased by its original founders and is no longer owned or funded by KBC Bank.  According to the statement, the company is in the process of identifying new funding sources with the intention of resuming funding in the second [...]

Mortgage Cadence announced that it has adapted and enhanced its technology platform to assists reverse mortgage lenders in dealing with rapidly changing market conditions.  Specifically, the new updates to its Orchestrator platform will help lenders manage new mandatory live pricing requirements for reverse mortgages recently introduced by Fannie Mae. “With private investor purchasing and proprietary [...]

As more and more states are proposing reverse mortgage legislation I wanted to give everyone a better idea of what is happening in Minnesota.  S.F. No. 489 was introduced by Minnesota Attorney General Lori Swanson and other politicians to prevent reverse mortgage lenders from taking advantage of senior citizens. Below is a video of testimony [...]

Golden Gateway Financial released new data from its online reverse mortgage calculator which shows that more seniors are researching reverse mortgages to offset investment losses. "For many older Americans, the time to act to stave off continuing losses is now," said Eric Bachman, founder and CEO of Golden Gateway Financial. "Retirees who are unable to [...]