In case you missed it, here’s what happened in reverse mortgage news this week:
Reverse Mortgage Default Research Nets Some Surprises—Findings from a recent report on reverse mortgage borrower characteristics revealed several surprises, one of which was a credit limit’s effectiveness in limiting defaults by as much as 37%.
Walter Sees Short-Term Challenge, Long-Term Profit in Reverse Mortgages—The parent company of Reverse Mortgage Solutions and Security One Lending noted that despite a 57% year-over-year decline in funded origination volumes in the second quarter, it is still committed to long-term profitability in the segment.
Generation Mortgage Reorganizes Sales Operations, Staffing—The company this week promoted two personnel in its retail and wholesale divisions, while also naming a new account executive.
CFPB Issues $19 Million Penalty for ‘Bait and Switch’ Mortgage Scheme—The federal agency ordered Amerisave Mortgage Corporation and its affiliate to pay $19.3 million for a scheme that allegedly misled consumers with attractive interest rates before locking them in with costly upfront fees, and ultimately, overcharging them for affiliated third-party services.
California Reverse Mortgage “Cool-Off” Bill Moves to Governor’s Desk—Legislation has passed both the California House and Senate requiring lenders to wait seven days until the data of counseling before they can accept a reverse mortgage application or assess any fees from a prospective borrower.
Written by Jason Oliva
