“HECM Update.” We haven’t seen one like it in a while, but in a “from the desk of”-style notice from FHA Acting Commissioner Carol Galante, FHA underlined the current ability for HECM lenders to underwrite for tax and insurance on reverse mortgage loans. The letter also noted potential upcoming changes to the program.
Clear reverse mortgage winners emerged. Following B of A’s exit, several reverse mortgage lenders have risen to the top as “clear winners” in terms of monthly numbers since Bank of America’s exit, notes the most recent Reverse Market Insight newsletter.
Cordray comes closer. CFPB director-hopeful Richard Cordray, who was nominated by President Obama to lead the CFPB, took a step toward becoming director with a senate committee vote, but now faces a full Senate vote, including Republican senators who have vowed to block any nomination.
Study says: senior home equity has held up (more than most). Total home equity among U.S. seniors ages 62+ fell 2% in the second quarter to $3.14 trillion and is now down 22% from its 2006 peak. Senior home equity has fared much better than the home equity of the overall population, according to a report by the NRMLA and RiskSpan.
And in case you haven’t seen them…Urban Financial launched two new Robert Wagner commercials, one includes Robert Wagner’s daughter, Katie. Check them out here.
Written by Elizabeth Ecker