In case you missed it, here’s what happened in reverse mortgage news this week:
Obama Announces FHA MIP Cuts, No Changes for Reverse Mortgages — In an effort to further expand homeownership for first-time buyers, President Barack Obama announced a cut in Federal Housing Administration mortgage insurance premiums (MIPs), which will go into effect at the end of January. The changes will not apply to the reverse mortgage program.
Bob Yeary — We Will Miss You — Advocate for reverse mortgages and co-founder of Reverse Mortgage Solutions Bob Yeary recently passed away after fighting cancer. He was surrounded by friends and family.
California’s Reverse Mortgage ‘Cooling Off’ Law Takes Effect — Starting Jan. 1, reverse mortgage professionals operating in California must comply with the new rules set forth by legislation passed in 2014, which requies lenders to observe a week-long “cooling off” period before assessing any fees or services from borrowers, among other provisions.
Top Issuers of Reverse Mortgage Securities in 2014 Ranked — Home Equity Conversion Mortgage (HECM) mortgage-backed securities (HMBS) ended 2014 at a record low not seen since 2008, but the total number of pools issued during the year were a different story altogether.
Reverse Mortgage Volume Leaves 2014 on a High Note — December’s home equity conversion mortgage (HECM) endorsements grew 12.1% to 4,942 loans, marking the highest monthly volume since February 2014, the latest Reverse Market Insight data shows.
Written by Emily Study