In case you missed it… here’s what happened in reverse mortgage news this week.
Ocwen Woes Continue as CEO Pens Apology to Borrowers—Ocwen’s servicing troubles made headlines again this week stemming from findings among New York’s banking regulator that the company had back-dated letters to borrowers who were facing foreclosure, leading to the borrowers being unable to act in time. Ocwen’s CEO penned a letter of apology to those borrowers this week. The company also stated that it has set aside $100 million toward a potential settlement with the regulator.
Investopedia: 6 Steps To Retiring With A Reverse Mortgage—Among its recent coverage of reverse mortgages, online resource Investopedia this week delved into some of the steps that retirees should take before signing for a reverse mortgage. Meeting with a financial planner or attorney and shopping around are a few of the reverse mortgage starting points Investopedia recommends.
New Book Released To Boost Understanding of Reverse Mortgages—The former head of training for Generation Mortgage, Dan Hultquist, has released a new book to help originators and consumers understand reverse mortgages. The book originally stemmed from repeat questions Hultquist received during his time in training originators that he set out to answer in 138 pages now available on Amazon.
SFGate: Questions Persist for Reverse Mortgages—In response to a reader-submitted question, SFGate, sister publication of the San Francisco Chronicle, tackles the topic of whether a non-borrowing spouse of a reverse mortgage borrower who’s home is recorded in a living trust will be able to remain in the home, should the borrower pass away. It depends, the publication responds, citing recent happenings in the pending reverse mortgage lawsuit between AARP and HUD.
Loan Officers Command Highest Salary in New York, Rhode Island—Not all loan officers are equal when it comes to compensation, the latest data from the Bureau of Labor Statistics show. Average salaries for LOs vary substantially by state, with those in California, Texas, Florida, New York and Illinois commanding the highest average compensation. In California, 31,700 loan officers make about $81,430 per year each, on average.
Written by Elizabeth Ecker