Reverse Mortgage Daily is headed to Atlanta for the National Reverse Mortgage Lender Association’s Road show on February 24-26 at the Grand Hyatt in Buckhead.  The conference is the first of three “It Takes an Industry” road shows NRMLA is putting on to provide reverse mortgage originators an opportunity to learn about upcoming changes and [...]

The Mortgage Bankers Association sent a letter to the Federal Financial Institutions Examination Council (FFIEC), saying it supports efforts by the agency to provide supervisory action to lenders on reverse mortgage products. Late last year, the FFIEC issued proposed guidelines for institutions to manage compliance and reputation risks associated with reverse mortgage products.

Reverse Version officially announced the release of its Good Faith Estimate (GFE) Validator, a feature designed to assist reverse mortgage originators in disclosing an accurate GFE. As part of the new RESPA regulations, originators are required to provide upfront estimates to borrowers that are equal or within a certain threshold of the fees charged later [...]

The US Department of Housing and Urban Development announced that Doug Criscitello was sworn in today as the Chief Financial Officer at the agency.  Criscitello is responsible for overseeing the financial management practices that ensure the U.S. Department of Housing and Urban Development meets the needs of the housing community.

The average reverse mortgage borrower will see their Initial Benefits stay the same as last week. Ibis considers an average borrower to be a 73-year old in a $250,000 home that chooses a LIBOR+250 HECM. The rates as of 2/17/10 are:

The Department of Labor and the Department of the Treasury (the “Agencies”) are soliciting comments whether the agencies could or should enhance the use of lifetime income or other arrangements designed to provide a stream of income after retirement. One of the questions is related to reverse mortgages: