In this week’s Reverse Focus podcast, Shannon Hicks discusses recent legislation from Congress that would effectively give the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD) authority to manage the Home Equity Conversion Mortgage program via mortgagee letter. While the bill is currently pending the president’s signature, it does allow the Secretary of HUD to establish additional requirements to improve the fiscal safety of the program.
Even amidst industry uncertainty, Hicks also discusses the launch of a new reverse mortgage lender—a brainchild of several RM veterans, including former MetLife executives as well as others.
Also discussed, the number of originators holding more than ten licenses increased 52% in the past year, as changes in state laws are making it easier for originators and lenders to operate in more than one state, according to a recent report from the Conference of State Bank Supervisors.
Lastly, Hicks discusses Urban Financial will be acquired by an investor group closely affiliated with Walter Investment Management Corp. for $80 million. The investment group, UFG Holdings, agreed to acquire 100% of the membership interest of Urban.
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- Congress HECM bill passed, expect mortgagee letter later this month
- New reverse mortgage “brainchild” launches
- More originators holding multiple state licenses
- Urban Financial to eve acquired by investor group
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Editor’s Note: These posts are sponsored by Reverse Focus.