Real Estate Title & Escrow (RETE), released a Good Faith Estimate (GFE) calculator for its reverse mortgage customers in response to the challenges presented by the new regulations from the Real Estate Settlement Procedures Act (RESPA). As part of the RESPA regulations, originators are required to provide borrowers with a standard good faith estimate that [...]

[Update] Reports have circulated that HUD has given lenders approval to foreclose on seniors whose properties have gone into “technical” or other default, with specific instructions coming sometime this spring. “We are aware of HUD’s decision” to allow the foreclosures, one prominent originator told RMD, after much speculative discussion among reverse mortgage professionals at a [...]

Genworth Financial Home Equity Access, Inc. announced it has eliminated the monthly servicing fee for all fixed rate reverse mortgage products for both its wholesale and retail channels. “By eliminating the monthly servicing fee, our analysis shows that our average client can now gain access to an additional $3,500-$4,500 of their home’s equity,” said Pete [...]

While the reverse mortgage industry doesn’t expect huge growth (if any) this year, certain areas of the country continue to see an increase in volume despite the tough economic conditions. The latest trends report from Reverse Market Insight shows that the state of Maryland continues to be a bright spot. In fact, the city of [...]

The National Council on Aging (NCOA) launched an Economic Security Initiative that includes both community-based support services and national advocacy efforts at the Aging in America Conference, a national symposium on aging issues that took place in Chicago last week. With $1 million in grant support from the Harry and Jeannette Weinberg Foundation, NCOA’s Economic [...]

The Federal Trade Commission has filed comments in support of the Federal Financial Institutions Examination Council’s (FFIEC) proposed guidelines designed to protect consumers from deceptive claims and to help them make better-informed decisions about whether to obtain a reverse mortgage. “FTC staff believes that the Proposed Guidance addresses important issues related to reverse mortgages and [...]