In case you missed it… Here’s what happened in reverse mortgage news this week.
MetLife confirmed that it is selling its warehouse lending business, including reverse mortgage lines. EverBank confirmed that the purchase of MetLife’s warehouse lines is pending under undisclosed terms. “An arrangement has been made to sell MetLife Bank’s entire Warehouse Finance Unit. This includes several warehouse lines in place for HECM,” the spokesman told RMD in an email.” [MetLife acquired EverBank Reverse in 2008.]
An NCOA report found seniors are missing a collective $20 billion in benefits. “Millions of low-income Americans who are struggling to make ends meet are missing out on billions of dollars of services and benefits that can help them,” said James Firman, president and CEO of NCOA. NCOA has launched a campaign to help.
HUD released its budget proposal for 2013 and reverse mortgages are in the clear. Projecting FHA’s HECM program will be cash flow positive in 2013, the program will not require a government subsidy. HUD officials have indicated that there are no planned premium increases for HECM loans, although forward FHA loans will face some increases.
RMD brought readers a glimpse of senior housing and care coverage from our sister site. Check out “Will the Nation Go Broke Paying for Senior Housing & Long-Term Care?” or head straight to Senior Housing News to find out more.
CFPB Director Richard Cordray defended the bureau’s budget. The CFPB also announced this week it will be looking to make changes in mortgage servicing, and released a prototype monthly statement for forward borrowers. It is seeking feedback on the new documents.
Note: RMD will be observing the Presidents’ Day holiday on Monday, February 20. See you back on Tuesday and happy long weekend!
Written by Elizabeth Ecker