In case you missed it, here’s what happened in reverse mortgage news this week.
HUD said it’s still committed to a reverse mortgage financial assessment. The rule is forthcoming, although might not come until later in 2012, a HUD official told attendees of NMRLA’s eastern regional conference in late March. Read the story.
RMS reported success in its efforts to mitigate T&I defaults. The company, which stopped buying closed loans meeting certain characteristics, has also tested its version of “financial assessment” in its retail channel, finding promising results.
A new study showed reverse mortgages help retirees more than other solutions. The study, released by the Retirement Research Center at Boston College, examines several options retirees can use to delay retirement shortfall. The findings? Reverse mortgages delay that point longer than reducing spending or changing investment strategies.
With the help of Reverse Market Insight… we took a look at year-over-year reverse mortgage volume in the context of big bank exits. RMI shows industry combined volume is down just over 25%, having recouped about a quarter of the retail volume lost in the wake of the Wells Fargo and Bank of America exits. RMI provides a look into possible reasons why.
Brokers pick up the slack… The latest industry report from Reverse Market Insight shows wholesale reverse mortgage volume grew 15% in February, far outpacing retail volume (which fell 2%). Read more.
Generation launched a new reverse mortgage commercial. It doesn’t feature a celebrity spokesperson, but it does spotlight an average, American family. Click below to view the video.
Written by Elizabeth Ecker