In case you missed it, here’s what happened in reverse mortgage news this week:
Reverse mortgage program changes to create headwinds in 2014. While reverse mortgage volume saw a 12% uptick nationally through November, program changes to the Home Equity Conversion Mortgage will have a major effect for lenders early next year.
HUD appealed non-borrowing spouse court ruling. The Department of Housing and Urban Development (HUD) filed a notice of appeal this week regarding a federal court ruling in October that ruled in favor of two non-borrowing reverses mortgage spouses.
Investor group closed its $80 million purchase of Urban Financial. An investor group led by a former Walter Investment Management executive closed an agreement Monday to purchase Urban from KCG Holdings for $80 million in cash.
The Mortgage Professor said choosing a loan officer is harder than it looks. A column from Jack Guttentag, the Mortgage Professor, discussed the merits of a loan officer outweigh the identity of the firm to which he or she is associated.
Security 1 Lending launched a college tuition program. A new program launched this week by S1L enables its reverse mortgage borrowers to give up to $10,000 in tuition credits for college-bound grandchildren.
Written by Jason Oliva