The effects of an uncertain housing market on mortgage employment are not yet fully known for 2012, but according to an industry job index, the second quarter saw a net loss, with hopes of hiring ahead. Some companies fared better than others. The quarterly Mortgage Employment Index tracked by MortgageDaily.com reported today that in spite [...]

Many in the industry have lamented the loss of Wells Fargo and Bank of America from an educational and brand awareness standpoint, but the exits are driving new referral business to lenders who remain. Reports have shown larger lenders saw a boost in volume following the exits, it also appears that some much smaller originators are [...]

Wells Fargo may have gotten out of reverse mortgages, but it’s getting into trouble with the Department of Justice, the Huffington Post reports. The DOJ has started a probe into Wells Fargo’s lending practices and is preparing a case against the lender for allegedly preying on African-American borrowers during the housing bubble and inappropriately directing them [...]

Brand trust and recognition are huge factors for seniors who are shopping for reverse mortgages, consumer advocates say, and so Wells Fargo and Bank of America’s exits from the reverse industry could have an impact on consumer perception of the product. Subsequently, the number of reverse mortgage endorsements could take a hit, if public perception [...]

Reverse mortgages will not cease to exist following the departures of large lenders from the industry, and suitability will be a “key factor” for the loans going forward, MarketWatch reported in an article this week. The article, titled “Banks abandon reverse-mortgage business,” presents an industry update following the announcement by Wells Fargo that it will [...]

Over the last few months, the two largest providers of reverse mortgages suddenly announced they would no longer originate the product. Interestingly enough, investor reaction to each exit has been very different, and that difference may suggest the staying power of reverse mortgages. While the departure of Wells Fargo initially rattled those in the industry [...]