In case you missed it… here’s what happened in reverse mortgage news this week.
The CFPB released a long-anticipated reverse mortgage report. The report, which found “confusion in the reverse mortgage market,” is the first major look into reverse mortgages that has been conducted by the new agency. Read more about the CFPB’s statements on its findings.
The CFPB also announced it is requesting more information from the public on reverse mortgages. The information gathering is expected to begin in the coming weeks, and will span a 60-day comment period.
A financial planning software provider took note of reverse mortgages. In its AdvisorVision software, currently comprising 500,000 retirement plans, Fiserv has updated the program to include a reverse mortgage calculation including the HECM Saver. The company says it will continue to look into changes based on the reverse mortgage market.
Home prices looked to be nearing, if not at bottom. Both Case Shiller and Zillow reported this week that home prices will hit bottom nationally by 2013, after which an uptick is to be expected. Economists surveyed by Zillow expect home prices to fall 0.4% in 2012.
AAG launched a wholesale channel for reverse mortgages. In addition to its growing retail business, the company has entered wholesale and has hired Michael Berkley to lead the new division with Cheryl Chargin as AE.
And if you didn’t see the recent CNBC segment by Maria Bartiromo on reverse mortgages featuring NRMLA’s Peter Bell and Beacon Economics’ Chris Thornberg, check it out, below. Or click here.
Written by Elizabeth Ecker