‘Tis the season where RMD breaks from its original posting schedule to observe the Christmas holiday, but don’t worry, we will return to bring you the latest in reverse mortgage industry news Monday, December 29th. In the meantime, RMD would like to wish all of our readers a safe and enjoyable holiday—we’ll see you back here on the 29th!
But for now, in case you missed it here’s what happened in reverse mortgage news this week:
RMF REIT Files for $100 Million IPO, Eyeing ‘Unprecedented Opportunity’—The REIT behind Reverse Mortgage Funding, Reverse Mortgage Investment Trust, filed with the SEC this week to raise up to $100 million in an initial public offering. In the filing, RMIT cites an “unprecedented” market opportunity for reverse mortgages as one of its driving factors.
Senators, Lenders Call on FHA to Reduce Mortgage Insurance Premiums—Now with even more of an improved outlook for FHA’s Mutual Mortgage Insurance fund, a group of 17 lawmakers are saying now is the right time for the agency to reexamine its mortgage insurance premiums so that they may be reasonably lowered.
Column: Reverse Mortgages Have Their Place In Retirement Planning—Reverse mortgages certainly have carved out a place in modern day retirement planning, but the problem is that they’re sold to people who shouldn’t have them, said one financial adviser in a recent column this week.
Ocwen Chairman to Resign Following $150 Settlement with N.Y. Regulator—The year’s ongoing drama has entered a new act. As a result of a $150 million settlement reached with the New York Department of Financial Services, Ocwen Financial Corp. (NYSE: OCN) will see the resignation of Founder and Chariman William Erbey, as well as a flurry of oversight procedures in 2015.
Congress Members Seek More Reverse Mortgage Non-Borrowing Spouse Protections—Even with the protections afforded to surviving non-borrowing spouses this year, a group of Congressmen this week penned a letter to HUD asking that the federal agency “take whatever steps are necessary to prevent lenders from foreclosing on surviving spouses.”
Written by Jason Oliva