In case you missed it, here’s what happened in reverse mortgage news this week:
Mortgage Originations Expect 7% Hike in 2015—The next year bodes well for mortgage originations, according to the Mortgage Bankers Association, which forecasts $1.19 trillion in originations in 2015. Refinance activity in the next year is a different story.
Investopedia: 5 Financial Alternatives to Reverse Mortgages—A reverse mortgage is no longer a tool for last resort, but it’s also not the only option for homeowners age 62 and older to convert their home equity into cash, notes Investopedia. The financial education firm offers its top-5 alternatives for consumers to consider before moving forward with a reverse mortgage.
Reports: CFPB Is Tuning In to Reverse Mortgages—Though it has yet to issue any regulatory enforcement action against reverse mortgages, the Consumer Financial Protection Bureau has the loans on its radar, according to comments made by one CFPB official during a recent conference.
Ocwen Under More Fire From Regulators on Servicing Errors—The regulatory scrutiny continues for Ocwen Financial (NYSE: OCN) as more claims against the company’s mortgage servicing practices have surfaced in New York.
Ginnie Mae Finalizes New Issuer Requirements—New issuer requirements announced Monday, including net worth guidelines and an operation performance scorecard, will apply to forward issuers but will remain unchanged for Home Equity Conversion Mortgage-backed securities.
Written by Jason Oliva