In case you missed it… here’s what happened in reverse mortgage news this week.
Puerto Rican reverse mortgage giant Money House said it’s gearing up to take on the U.S. One of the top lenders in Puerto Rico, Money house, with seven branches and 80 employees says it is moving stateside and is looking to acquire a lender in the United States to help its growth plans.
We asked lenders to weigh in on what they’d like to see in HUD’s financial assessment. From more control over the assessment process to a discussion of set-asides for tax and insurance, see what some of the industry’s leaders had to say.
Top lenders saw big January volume gains. Genworth and Security One both saw their best months for production ever, while AAG and Generation each saw double-digit month-over-month gains, according to Reverse Market Insight. Don’t expect a trend, RMI says, since weak application data will be driving production in the coming months.
Live Well Financial got its Ginnie Mae HMBS issuer approval. Three years after the company applied, it finally received noticed that it has been approved as an HMBS issuer. Live Well is planning to get back into wholesale and correspondent lending, as well as a potential foray into retail, a company exec told RMD.
The hiring continued… 1st Reverse Mortgage USA announced two new senior execs to its management team, and Urban Financial announced the hire of a new account executive to its wholesale division, formerly a Genworth AE.
…and if you didn’t get to check it out the first time around, RMD’s very own Alyssa Gerace shared the story of her grandma’s reverse mortgage. Can you relate?
Written by Elizabeth Ecker