Friday Round Up: Reverse Mortgages Debated on NBC’s Morning Joe

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

Walter continued its push for reverse mortgage servicing… After announcing two major reverse mortgage acquisitions in 2012 and 2013, Walter Investment Management Corp. said it is still seeking additional opportunities in the reverse mortgage space.

Against the vote of Senate Republicans, Cordray will go to a full vote for CFPB director. After months of opposition by Republican members of Congress against the appointment of Richard Cordray to serve as Consumer Financial Protection Bureau director, the Senate Banking Committee this week voted, along party lines, to approve his nomination

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 Nationstar expressed reverse mortgage concerns…. After making large plays at reverse mortgage servicing rights among a widespread buy-up of MSRs in general, Nationstar Mortgage (NYSE:NSM) expressed concerns about its portfolio to its investors last week. 

… and raised capital toward future MSR acquisitions. Nationstar announced Friday it has priced $200 million in senior notes that will be issued for corporate use including future servicing acquisitions

Reverse mortgage counseling agencies began to feel a crunch. Reverse mortgage counseling agencies are beginning to feel an influx of demand for counseling as the April 1 deadline approaches for case number assignments before the fixed rate standard reverse mortgage option becomes a thing of the past.

Written by Elizabeth Ecker

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  • Since coming into the industry there have been two unusual months for case number assignments.

    The first was September 2009 which is the highest month for case number assignments in the history of the program at over 19,000 HECM case number assignments. The reason for this unusually high number is that lower principal limit factors would apply to all HECMs with case numbers assigned after September 30, 2009.

    The second was September 2010, because both principal limit factors were reduced (although principal limit factors at the expected interest rate floor was increased at most ages) and insurance premiums on ongoing MIP were raised to 1.25% from 0.5% per annual on all HECMs with case number assignments dated after October 3, 2010. That month we saw the single largest month for case number assignments in the last 29 months at over 13,000.

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