In case you missed it… here’s what happened in reverse mortgage news this week.
Lenders launch a new campaign to rebrand the reverse mortgage product. An industrywide initiative looks to revolutionize the way people think about reverse mortgages.
FHA audit reveals strong 2013 improvement. The annual independent actuarial review of the FHA’s mutual mortgage insurance fund showed great improvement from last year, including gains in the reverse mortgage portfolio.
HUD releases the final ‘Qualified Mortgage’ definition. The Department of Housing and Urban Development has issued its final rule regarding what constitutes a ‘Qualified Mortgage,’ largely in line with a previous final rule released by the Consumer Financial Protection Bureau.
HUD announces that reverse mortgage loan limits won’t change in 2014. The maximum claim amount for HECMs is staying the same, while loan limits were lowered on the “forward” side.
CFPB tells lenders they better be ready for next year’s new rules. The bureau expects mortgage lenders they won’t have any excuse for noncompliance by the time January 2014 rolls around after issuing a “Readiness Guide” ahead of the implementation deadline.
Walter’s portfolio gets a $30 billion mortgage servicing rights addition. Walter Investment Management Corp., the parent company of Reverse Mortgage Solutions and Security One Lending, recently acquired more MSRs after raising funds with that intention.
Written by Alyssa Gerace