In case you missed it… here’s what happened in reverse mortgage news this week.
FHA’s long-awaited reverse mortgage changes were announced. FHA said it will roll its fixed rate reverse mortgage into its Saver program for all applications taken on or after April 1, essentially ending the fixed rate Standard reverse mortgage product.
Reports said Knight is looking to sell Urban Financial. Citing sources close to the company, the Wall Street Journal reported Knight Capital Group is seeking a buyer for its fixed income business units including its reverse mortgage company, Urban.
A court decision called CFPB authority into question. Decided last week by a court of appeals, a case deemed recess appointments made by President Obama to be unconstitutional. The decision calls into question CFPB’s director as well as the authority used by the CFPB under his leadership.
FHA made changes to its MIP program for forward mortgages. As had been outlined as a measure to shore up FHA’s financial position, the administration announced this week it is raising its annual mortgage insurance premiums for forward loans and is extending the terms under which MIP is paid.
Written by Elizabeth Ecker