Friday Round-Up: Romney Announces Plan to Solve Housing Crisis

In case you missed it… here’s what happened in reverse mortgage news this week. 

Romney released his plan to solve the housing crisis. Including harsh words on the Dodd-Frank Act, the Romney campaign is finally speaking out about its initiatives to solve the housing crisis, after being pretty mum on the topic in the early stages of the 2012 presidential campaign. Read more about the plan.  

One Reverse Mortgage launched a new Henry Winkler commercial. Rather than being the one to do the talking, One Reverse spokesman Henry Winkler sits back to hear from reverse mortgage borrowers in the latest series of TV commercials launched by the lender this month.

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Three states sued over Dodd-Frank’s constitutionality. Several states joined a lawsuit last week that challenges the constitutionality of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Oklahoma, South Carolina and Michigan are suing over a specific authority having to do with pension contributions they say puts those contributions at risk. 

Some markets showed a strong reverse mortgage rebound. Some reverse mortgage markets are starting to make a comeback in terms of loan amounts, according to a report Tuesday from Reverse Market Insight. In spite of a national trend downward, three markets—Atlanta, Pensacola and Orlando—have risen to the top three spots for max claim amount, RMI finds, after treading water in the rankings for many months.

The CFPB slammed credit reporting agencies. An investigation by the Consumer Financial Protection Bureau announced this week revealed discrepancies in the credit reporting market that can cause meaningful differences between lender and consumer, the agency found

Going to the NRMLA conference? Don’t miss the NCOA benefit event Monday night. Lenders are teaming up this year for a cause. Find out more here. Thanks to event sponsors: AAG, Generation, One Reverse, PRC, RMS, S1L & Urban and those pledging donations of $1,000 or more: Baydocs, JB Nutter, Landmark, Coester, ReverseVision and Mortgage Cadence.

Written by Elizabeth Ecker

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  • Reading the highlights in the NRMLA weekly email some humorous items came out, including:

    “Because you’re dealing with a home sale, HECM for Purchase requires unique processing and underwriting compared  with a  HECM Standard or Saver.”  Well let us see, a HECM for Purchase must be either a Standard or a Saver.  What the writer was trying to say is that they are much different than Traditional HECMs or a HECM refinance (old terminology — HECM-to- HECM) since both of those categories of HECMs require that only borrowers be on title to the collateral before closing.
    Then there was:  “For several years, the industry has been holding at about three percent market penetration of eligible borrowers. Isn’t it time that stagnation ended?”  What an interesting way of saying endorsement levels are falling and falling rapidly.  It is now very clear that endorsement levels for this fiscal year will be more than 20% and perhaps even 25% lower than for fiscal 2011.  So far next fiscal year looks like endorsement levels will even be worse than fiscal 2012.  Ultra optimists have such a wonderful way of putting bad, very bad news. 

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