March 25th, 2011 | by Elizabeth | published in News, Reverse Mortgage
In case you missed it…here’s a recap of reverse mortgage news this week: Financial Freedom announced it will close its doors: Parent company OneWest said it would close its reverse mortgage business, shutting down Financial Freedom by the end of the month. The company will continue to service loans, but will close retail and wholesale [...]
March 25th, 2011 | by Elizabeth | published in Mortgage Cadence, News, Reverse Mortgage, Technology
Software provider Mortgage Cadence is set to release a new loan origination system (LOS) on Monday. The new, Cloud-based system, called Symphony, aims to work for lenders of any size, including companies that offer reverse mortgages. “All but the nation’s largest lenders have had to settle for substandard loan origination automation for far too long,” said Chuck [...]
March 25th, 2011 | by Elizabeth | published in News, Retirement, Reverse Mortgage
More than 25% of Americans say they are “not at all confident” about retirement and just 13% say they are “very confident,” according to the Employee Benefit Research Institute’s 2011 Retirement Confidence Survey. The proportion who are confident in their retirement is tied with the rate in 2009—the lowest on record in the 20 years [...]
March 25th, 2011 | by John | published in News, Reverse Mortgage
The US Department of Treasury announced it will begin the orderly wind down of its remaining portfolio of $142 billion in agency-guaranteed mortgage-backed securities (MBS). Starting this month, Treasury plans to sell up to $10 billion in agency-guaranteed MBS per month, subject to market conditions. “We’re continuing to wind down the emergency programs that were put [...]
March 24th, 2011 | by Elizabeth | published in Generation Mortgage, Marketing, News, Reverse Mortgage, Reverseit
Baby Boomers remain a growing demographic when it comes to online users and social media fanatics, with nearly 60% more 55+ Facebook users just since last year, according to iStrategy Labs. While the reverse mortgage industry is admittedly a little slow to occupy the online space, some companies are beginning to make full use of [...]
March 24th, 2011 | by Elizabeth | published in Legislation, News, NRMLA, Reverse Mortgage
The Federal Reserve Board responded on March 18 to lawsuits filed by the National Association of Mortgage Brokers and the National Association of Independent Housing Professionals that would delay implementation of the Fed’s loan officer compensation rule. The response denied the claim of both associations that the rule would cause imminent, irreparable harm to loan [...]
