In case you missed it…here’s what happened in reverse mortgage news this week:
Data showed signs of housing improvement. A report by National Association of Realtors indicated that pending home sales rose strongly in May. The year-over-year rise in sales was seen across all regions, pointing to higher housing activity in the second part of 2011, and boding well for home prices, says NAR.
HUD announced final SAFE Act standards for state compliance. The minimum standards for state compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) have been published by the Department of Housing and Urban Development and are now available via the Federal Register for public display.
Former OMNI Execs Launch Greenlight Financial Reverse Mortgage Division. Irvine, Calif.-based Greenlight Financial Services will launch a newly revamped reverse mortgage division to begin operating in July, under the leadership of former OMNI Reverse executives Dave Bancroft and Brett Varner.
In the Wake of Wells Fargo’s exit, the HMBS investor market appeared strong. Across the market, the sentiment is generally positive, with relief that the market today does not resemble the market turbulence in February, following the exit of Bank of America from the industry.
Mainstream media continued coverage of reverse mortgages following major lender exits. Reports from the Chicago Tribune, MarketWatch, ABC News and others noted that reverse mortgage products do not appear to be faltering in spite of recent exits from Wells Fargo and Bank of America.
Written by Elizabeth Ecker