In case you missed it…here’s what happened in reverse mortgage news this week.
Mainstream media reports covered Wells Fargo’s exit from the retail reverse mortgage business. Bloomberg and others reported that MetLife Bank is now poised to become the No. 1 reverse mortgage lender in the nation.
A Reverse Market Insight report showed five of the Top-10 reverse mortgage states are seeing double-digit growth. A 3.1% national increase in reverse mortgage endorsements this year has masked volatility somewhat in the top ten states for reverse mortgages, Reverse Market Insight noted this week.
HUD released $1 billion of foreclosure assistance to 27 states. With foreclosures looming for U.S. homeowners, the U.S. Department of Housing and Urban Development (HUD) partnered with NeighborWorks America to launch the Emergency Homeowners’ Loan Program (EHLP) to help those at risk of losing their homes.
HECM applications saw a slight uptick in May, while the Saver continued to decline. The Federal Housing Administration recorded a 1.4% increase in HECM applications in May, while endorsement data for the month showed a 6.9% decrease in HECM Savers.
Elizabeth Warren and CFPB staff held a reverse mortgage-focused meeting with NRMLA execs. The reverse mortgage industry was represented before Consumer Financial Protection Bureau staff by National Reverse Mortgage Lenders Association executives Peter Bell and Steve Irwin, to discuss reverse mortgage issues and an upcoming report the Bureau will submit to Congress on reverse mortgages that has been mandated by Congress under Dodd-Frank.
Also, check out the following Fox Business video featuring a discussion of the Consumer Financial Protection Bureau’s leadership…or lack thereof.
See the video here.
Written by Elizabeth Ecker