In case you missed it…it was a lively week in the world of reverse mortgages.
MetLife Inc. put its “forward” mortgage business up for sale. A MetLife rep assured RMD that the global insurance company is keeping its reverse mortgage operations, however. “We determined that remaining in the forward mortgage business would require the company to expend a tremendous amount of resources to effectively compete in and profitably grow the business in today’s uncertain marketplace and regulatory environment. Doing so would divert these resources away from MetLife’s primary focus on its global insurance and employee benefits businesses,” the rep said.
Reverse mortgage AMC AppraiserLoft closed shop, apparently leaving quite a bit to be desired. The AMC closed its doors without warning and many appraisers said in the wake of the announcement that they are still waiting to be paid. Sources told RMD the company’s debts are estimated in the millions of dollars.
HUD Secretary Donovan said the FHA Insurance fund looks OK…for now. Before attendees of the Mortgage Bankers Association conference in Chicago, Donovan said that barring a dramatic second recession, the balance should remain in positive territory. The annual actuarial report on the fund is expected any day from HUD. We’ll keep you posted.
Twenty-two former Wells originators found a new home in New Jersey. Maverick Funding Group announced it’s launching a new reverse mortgage subsidiary under the Reverse Mortgage Network (RMN) brand, and is staffed with 22 former Wells Fargo reverse mortgage employees.
Massachusetts made some tweaks to its reverse mortgage policies. The state’s Division of Banks has published new policies that take effect October 14. Following a September hearing the Division reconsidered policy surrounding counseling procedures and an “opt-in” mandate in Massachusetts.
Written by Elizabeth Ecker