In case you missed it…here’s what happened in reverse mortgage news this week:
NewDay USA exited the reverse mortgage business. In the wake of upcoming changes to the Home Equity Conversion Mortgage (HECM) program, top-15 lender NewDay USA announced it would stop originating reverse mortgages.
Security One Lending launched a reverse mortgage advisory board. The board, which includes members of various industries, aims to eliminate reverse mortgage misconceptions among financial planners and regulators.
Reverse mortgage counselors feel the pressure as Oct. 1 deadline nears. HECM program changes have created an influx of borrowers rushing to schedule counseling appointments before new program changes take effect.
CFPB clarified its mortgage rules. The finalized amendments include clarifications to rules for originators and the Ability-to-Repay rule.
Written by Jason Oliva