In case you missed it… here’s what happened in reverse mortgage news this week.
We took a look at the CFPB’s recent reverse mortgage research. What we found: the CFPB didn’t speak with borrowers in its research, yet it drew the conclusion that borrowers need more information when making reverse mortgage decisions. Read our take on the methodology.
….and in not-so reverse mortgage news, Wells Fargo said goodbye to brokers. On the heels of a multimillion dollar landmark mortgage settlement, the lending giant said Thursday it will cease its wholesale lending operations. Before closing its reverse mortgage last year, Wells was the largest reverse mortgage lender in the market.
Security One announced the hire of a former MetLife wholesale team. The company has hired a group of former MetLife reverse mortgage account executives under the leadership of Mike Mooney. The hires are in a direct effort by the San Diego-based company to grow its wholesale lending channel, and will allow Security One to access a new East Coast broker and borrower base.
Is property tax a surprise risk for reverse mortgages? An Inman News columnist took a look at this question, outlining the challenges with reverse mortgage borrowers who fail to pay property taxes. New rules could make a big difference in the issue, he says.
U.S. News counted reverse mortgages in its list of top retirement realities. In a list of today’s eight retirement realities, fueled by the economic downturn, U.S. News and World cites reverse mortgages among them. Many experts see their growth as a sure thing, U.S. News writes.
Reverse mortgage endorsement data showed an upswing. Case numbers and endorsements showed a surprising improvement, according to Reverse Market Insight, following the exit of MetLife from the business.
Reverse mortgage spokesman Fred Thompson shared his take on the market. From his own personal experience with reverse mortgages to his work with AAG in its national ad campaign, former Senator Thompson told us about how he got his start in the business.
Written by Elizabeth Ecker