In case you missed it, here’s what happened in reverse mortgage news this week.
Industry Asks Fannie Mae to Re-enter Reverse Mortgage Market — The National Reverse Mortgage Lenders Association (NRMLA) is asking the Federal Housing Finance Agency (FHFA) to allow Fannie Mae to re-enter the reverse mortgage market and Freddie Mac to purchase Home Equity Conversion Mortgages as well. Reinstatement of Fannie Mae and introduction of Freddie Mac as a reverse mortgage purchaser should fall under the FHFA’s enterprise goals in the coming years, NRMLA says.
Republican Sweep of Midterm Elections Could Signal Crucial CFPB Changes — The recent Republican sweep of the midterm elections has banking leaders anticipating key changes in regard to the CFPB’s policies and structure. In its analysis of the election’s impact, the American Bankers Association (ABA) identifies Dodd-Frank reform as one of the key issues for the 114th Congress.
Reverse Mortgage Volume Jump Exceeds Expectation — Total home equity conversion mortgage (HECM) endorsement growth in October rebounded to 4,852 loans, up 29% to the highest level since February, according to the latest Reverse Market Insight (RMI) report. And many lenders and regions were big winners in October, data show.
RMF Hires Ellsworth To Lead Western Retail Reverse Mortgage Sales — Eric Ellsworth will be joining growing reverse mortgage lender Reverse Mortgage Funding as Western Regional Sales Leader for Retail Distribution, the company recently announced. In his new role with RMF, Ellsworth will work toward driving sales growth in the western states, utilizing experience in building and optimizing sales teams.
HuffPost: Reverse Mortgages Among Inheritance Surprises — When inheriting property that has a reverse mortgage, it’s important to understand that money has to be repaid to the lender, including all of the capitalized interest thereon, The Huffington Post advises in a recent article.
Written by Cassandra Dowell