The Wall Street Journal reported last week that both government controlled Fannie Mae and Freddie Mac are working on a program to support the extension of warehouse lending to small mortgage lenders.
A source familiar with the plan told HousingWire that:
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Wholesale reverse mortgage volume faired better than the retail side of the business in August.  According to data from RM Insight, wholesale volume was down 2.7% compared to retail endorsement volume being down 17% in August.
The most interesting aspect of the data is seeing how much Genworth’s wholesale business picked up.  If you look [...]

Financial Freedom announced that it’s discontinuing the HECM fixed rate product in the state of Illinois, effective immediately said the company statement.
The statement read that:

Bank of America announced that it’s suspending the origination of the fixed rate HECM product in Illinois.  According to the company’s statement, they have reviewed its current policies and procedures as they relate to a law unique to the state of Illinois called the Illinois High Risk Home Loan Act (HRHLA). 
HRHLA applies to [...]

Bank of America rolled out its Clarity Commitment in April, but it added its reverse mortgage Clarity Commitment last week for its fixed rate reverse mortgage product.
The Clarity Commitment is a one-page loan summary which presents borrowers with their interest rate, terms and other details of the loan in plain language says the company [...]

The Office of the Inspector General for the U. S. Department of Housing and Urban Development’s (HUD) reviewed Bank of America’s home equity conversion mortgage (HECM) servicing division in Seattle, Washington and found that the servicer did not comply with two HUD requirements in its administration of HECM loans.
According to the report, Bank of [...]

Over the weekend the Connecticut Post published an article about how one 64 year old woman who decided to use a reverse mortgage to manage her her escalating property taxes and mortgage payment and couldn’t be happier with the results.
Lewis borrowed about $230,000, a portion of which went toward paying off her mortgage and [...]