Last week the Federal Reserve Board of Governors held a meeting of the Consumer Advisory Council and reverse mortgages were one of the topics discussed. The Fed recently published new reverse mortgage disclosures to improve communication of terms with borrowers and the council said the new forms were a positive step in the right direction. [...]

Despite reverse mortgage volume being down 31% during fiscal year 2010, Philadelphia has managed to see an increase in volume according to data from Reverse Market Insight. According to RMI, Philadelphia is the only city in the top 10 growing year to date (4.3%).  So why is the city of brotherly love seeing more volume than others?  Refinance [...]

Federal Housing Administration Commissioner David Stevens outlined the new reverse mortgage programs released by the administration in his monthly letter published to the industry. Describing the HECM Saver as a “major” new product for reverse mortgages, the loan “gives seniors a new option for accessing their home’s equity to pay for health care costs, home [...]

Almost three years – 34 months – after launching, Hawaii joined the rest of the country by participating in the Nationwide Mortgage Licensing System and Registry this week. Launched in 2008, the NMLS includes 58 state agencies and tracks nearly 16,000 mortgage companies holding over 126,000 mortgage loan originators holding over 207,000 licenses. “NMLS was [...]

A new survey from Towers Watson found that four out of every 10 American workers are planning to delay retirement later than they were planning two years ago. These workers said they are willing to pay more for greater certainty in their future retirement and health care benefits, and plan to spend less during retirement. The [...]

Competing for business in New Hampshire has become increasingly difficult for brokers after a state law banned yield spread premiums (YSP) for anyone originating reverse mortgages earlier this year.  Meant to prohibit compensation that rewards lenders for selling loans at higher interest rates, the law became effective July 31st and provides an un-even playing field [...]