Friday Round-Up: Senate Passes Reverse Mortgage Bill, Urban Acquired

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

The Senate passed a reverse mortgage bill granting FHA authority to make program change. The senate passed the house bill, HR 2167, which grants the Department of Housing and Urban Development the authority to make changes to the reverse mortgage program by mortgagee letter. 

HUD said the chances are likely to be here by month’s end. A HUD spokesman told RMD the agency hopes to introduce the changes via mortgagee letter in August, with full implementation expected by October 1, the start of the new fiscal year. 

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Urban Financial sold to a group of investors associated with Walter Investment Management Corp. The reverse mortgage company sold from the new Knight/Getco parent company to an investor group led by Walter’s Brian Libman in a deal totaling $80 million. Urban will remain a Ginnie Mae HMBS issuer and plans to keep all operations and personnel in place. 

Reverse Mortgage Funding launched. The new reverse mortgage lender led by former MetLife execs Craig Corn, Bob Sivori and Mike Mooney as well as  David Peskin and St. John Bannon, is now open for business. The company plans to expand from a correspondent lender to a nationwide originator and Ginnie Mae HMBS issuer. 

Written by Elizabeth Ecker

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