National appraisal management company Class Valuation has acquired Landmark Network as of Friday, the companies have announced. Landmark, based in Van Nuys, California, has long been a leader in the reverse mortgage space through its real estate appraisal offerings, and Class identified the opportunity in Landmark based on its presence in the growing baby boomer market.

“As we continue to execute our innovation strategy, we will take great interest in those firms that excel in service and reputation in markets we believe in,” said Scot Rose, chief innovation officer for Detroit-based Class Valuation, in a press release. “Landmark is a leader in a market that we expect to grow as Baby Boomers look for options to carry them through retirement. In addition, the company has a strong leadership team and the proven ability to support niche products. That’s the kind of specialization and expertise we’re seeking as we continue to expand our footprint.”

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Late last week, the U.S. Department of Housing and Urban Development (HUD) announced changes in the lending limit for federally-backed reverse mortgages, with the new maximum claim amount for 2019 set at $726,525. This represents both an increase for a third consecutive year, and a welcome development for many reverse mortgage originators who have contended with changes to principal limit factors handed down to the Home Equity Conversion Mortgage (HECM) program in October, 2017.

“This increase can only help folks who have higher home values and a large mortgage. Now there will be more people who will qualify for a HECM since there will be enough Net Principal Limit to pay off their mortgages,” said industry expert Shelley Giordano of the Funding Longevity Task Force at the American College of Financial Services.

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Pamela H. Patenaude, the deputy secretary of the U.S. Department of Housing and Urban Development (HUD) under Secretary Ben Carson, resigned from her position on Monday, which will go into effect sometime in early 2019.

“Serving at HUD as Deputy Secretary has been the highlight of my 35-year career in housing,” Patenaude said in a statement announcing her resignation via Twitter. “[My husband] Chuck and I look forward to returning to our home state of New Hampshire where I will continue to promote the president’s agenda to make this nation stronger and more prosperous for every American.”

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Mick Mulvaney, former acting director the Consumer Financial Protection Bureau (CFPB), will be named acting White House Chief of Staff according to a Friday tweet by President Donald J. Trump.

“I am pleased to announce that Mick Mulvaney, Director of the Office of Management & Budget, will be named Acting White House Chief of Staff, replacing General John Kelly, who has served our Country with distinction,” the president wrote. “Mick has done an outstanding job while in the Administration. I look forward to working with him in this new capacity as we continue to MAKE AMERICA GREAT AGAIN!”

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The lending limit for federally-backed reverse mortgages is increasing for the third consecutive year in a row and is set to rise to $726,525 in 2019.

The Department of Housing and Urban Development (HUD) announced on Friday via Mortgagee Letter 2018-12 a maximum claim amount of $726,525 for calendar year 2019, up from $679,650 in 2018.

HUD calculates this figure at 150 percent of the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac, which was announced by the Federal Housing Finance Agency (FHFA) late last month to be $484,350 for calendar year 2019—up from $453,100 in 2018.

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Older American homeowners have a greater degree of financial well-being than those who do not own a home, while lower housing costs are also correlated to more positive financial well-being. This is according to a survey titled “Financial Well-being of Older Americans,” released by the Consumer Financial Protection Bureau (CFPB) Office of Financial Protection for Older Americans on Thursday.

According to the federal agency, the survey aims to provide “detailed information on the financial well-being scores by individual characteristics and issues of interest to people who work with older adults.” At-large, the report illustrates that general financial well-being increases with age before then declining again at later ages.

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Last month, American Advisors Group (AAG) announced the company was adding government-backed Veterans Affairs (VA) loans to its lineup of product offerings, differentiating its offering from the standard VA loan by focusing marketing efforts more specifically on the needs of older veterans.

The company says it has staked a unique position in the larger market for VA-sponsored loans, given its specific focus on older veterans.

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