The Department of Housing and Urban Development has informed reverse mortgage housing counselors that lenders may begin to implement a new assessment as part of loan underwriting that will help ensure borrowers can meet the tax and insurance obligations associated with their loans. The notification comes following the release of new recommended underwriting guidance set [...]

Security One Lending has reached an exclusive agreement with the American Continuing Education (C.E.) Institute, LLC, enabling the company to extend its reach to industry professionals who frequently come into contact with reverse mortgage-eligible seniors. The Institute was endorsed by the National LTC (long-term care) Network last week. The agreement allows C.E. Institute founder Michael Banner to [...]

US Mortgage Corporation, headquartered in Melville, N.Y., recently appointed Kelly Sabino as director of its reverse mortgage division, jumpstarting plans to more than double the company’s reverse volume. In its forward and reverse capacities, US Mortgage Corporation’s loan volume is at about 75-85 loans per month, with reverse mortgages taking up about eight to ten [...]

The Consumer Financial Protection Bureau will not burden small banks, insists the Treasury in a series of blog posts debunking CFPB “myths,” some of which were brought up by the American Bankers Association (ABA) in a July Senate hearing. While some say Wall Street reform will hurt community banks, this claim is “dubious” given the [...]

Borrowers in HECM default share some common characteristics, the Department of Housing and Urban Development reported to attendees of the National Reverse Mortgage Lenders Association conference in Boston last week. Reporting on data compiled in recent months following Mortgagee Letter 2011-01, HUD’s Colin Cushman, director of portfolio analysis, shared some of the department’s findings. The HUD [...]

New England Cable News (NECN) devoted a recent segment to explaining reverse mortgages and who can benefit from them. There are several situations where seniors can benefit from taking out a reverse loan, including people who have a hard time making ends meet on a day-to-day basis, or people who want to defer collecting social [...]