In case you missed it…here’s a recap of reverse mortgage news this week.
AARP sued The Department of Housing: The suit against HUD is over changes in its reverse mortgage program, and comes following rising complaints from HECM borrowers regarding the issue of non-borrowing spouses.
The FHA Commissioner stepped down: David Stevens announced he will leave his post as Federal Housing Administration commissioner in April. With private sector mortgage industry background including 30 years in the industry, the commissioner has led the FHA since July 2009 through the continuation of the housing downturn.
NAIHP and NAMB sued the Fed over loan officer compensation: The National Association of Independent Housing Professionals and The National Association of Mortgage Brokers sued the Federal Reserve over the Fed’s pending rule, to be implemented April 1. The Fed announced later it intends to consolidate the two suits.
A new reverse mortgage player emerged: Industry veterans announced Bart Johnson and Tony Garcia announced the launch of a new reverse mortgage company that aims to roll up brokers into the entity — the new company raised $5 million in capital in advance of its launch and will be called National Senior Home Equity.
…and wholesale volume was up: New data showed reverse mortgage wholesale volume was up 9.3% in January, with an increase in broker market share.
Finally, as you wrap up the week, check out this CBS/60 Minutes video on the growing business of baby boomers: