In case you missed it… here’s what happened in reverse mortgage news this week.
FHA says immediate reverse mortgage rule making is needed. During a hearing Tuesday before the Senate Subcommittee on Housing, Transportation, and Community Development, Federal Housing Administrator Carol Galante says rule making is under way pending the authority from Congress to make reverse mortgage program changes.
A New Hampshire bill creates uncertainty for loan officer compensation. Reverse mortgage industry members deem a New Hampshire bill amending loan officer compensation as “problematic.”
Security One Lending launched a reverse mortgage “incubator.” The California-based lender launched a new online portal to link financial planners and retirement planners with reverse mortgage education.
Reverse mortgages can backfire. An NBC news segment discusses reverse mortgages can have devastating effects for borrowers using the loans as a “quick fix” for cash.
Reverse mortgage volume falls, ARMs rise. Two months after the April 1 moratorium, May saw reverse mortgage volumes drop and a swelling proportion of adjustable rate products.
Written by Jason Oliva