In case you missed it… here’s what happened in reverse mortgage news this week.
The CFPB took action against lenders for mortgage reporting errors. In enforcement actions against two lenders, the agency put all lenders on notice for reporting of data under the Home Mortgage Disclosure Act. HMDA reviews conducted by the Bureau revealed thousands of errors in the lenders’ 2011 data reports.
Will program changes revive reverse mortgages? In a MarketWatch column this week, retirement researcher Alicia Munnell spelled out the reverse mortgage changes, stressing the long-term positive impact they will have on the HECM program.
AARP ranked the nation’s most affordable retirement cities. Honing in on cost of living, property taxes and nitty gritty financial details, AARP in its latest magazine issue ranked the top U.S. cities for retirement.
Reverse mortgage investors charted volume down slightly in Q3. Issuance of reverse mortgage securities totaled $7.1 billion for the first three quarters of 2013, with 757 pools issued, according to data compiled by New View Advisors. Quarterly volume fell 13%, though number of securities remained stable.
NRMLA’s annual conference is approaching. NRMLA has released its conference agenda for the meeting to take place in New Orleans November 4-6. Reverse lenders are gathering November 4 for a charity benefit to grant wishes to seniors.
Written by Elizabeth Ecker