With now six weeks of applications following the suspension of the fixed rate standard reverse mortgage implemented April 1, the market is recalibrating to a proportion of adjustable rate loans that skews upwards of 90%.  While data from the Department of Housing and Urban Development has yet to be published with any conclusion about the [...]

The number of Americans in foreclosure plummeted nearly 25% in April from year-ago levels, according to the latest “First Look” Mortgage Report from Lender Processing Services (LPS). The total U.S. foreclosure pre-sale inventory rate reached 3.17% in April, down 24.55% when compared on a year-over-year basis.

Older Americans are common targets of prize promotion and work-at-home scams, but healthcare-related exploitation and online fraud could become even larger concerns for senior consumer protection, according to the Federal Trade Commission.  Prize promotion scammers are more likely to target older Americans, according to FTC Acting Director Charles Harwood in his testimony on current and [...]

The Department of Housing and Urban Development is continuing with its planned closures with one furlough day set to take place Friday, May 24 as a result of sequestration cuts mandated by the federal government.  HUD will be closed a total of seven days between May 24 and Friday, August 30 in order to adhere [...]

Reverse mortgage lenders and industry participants are working toward developing a product marketing plan and putting to rest some of the negative perceptions that have long plagued reverse mortgages. Spearheaded by a panel of marketing professionals from some of the largest reverse mortgage lenders, the initiative grew from a brainstorm of marketing ideas begun during [...]

In an effort to make understanding a reverse mortgage easier for potential borrowers, Utah-based lender Reverse My Mortgage (RMM) has developed a videoconferencing platform detailing the finer points of the home equity loans.  Because describing the benefits of a reverse mortgage can often times overwhelm a senior when discussed over the phone, according to RMM [...]

The Lone Star State recently passed the $5 billion mark in its 13-year-old reverse mortgage industry, announced a Texas owned and operated mortgage bank. From the time Texas’s first home equity conversion mortgage (HECM) was originated in 2000, more than 52,000 seniors living in the state have accessed more than $5 billion in home equity [...]

A landmark servicing settlement impacting the largest mortgage servicers in the U.S. has distributed more than $50 billion to date to homeowners impacted by loan servicing and foreclosure abuses.  The settlement funds have reached more than 620,000 homeowners, or roughly $81,000 per homeowner, the Department of Housing and Urban Development announced Tuesday based on research [...]