MLK Day Round-Up: New Reverse Mortgage Lender Gets Under Way

In case you missed it… here’s what happened in reverse mortgage news this week.

RMD will be observing the Martin Luther King Jr. holiday on Monday, January 19. We will resume our normal news schedule on Tuesday, January 20. Have a great weekend!

Former Security One Exec Launches New Reverse Mortgage Company—Former Security One Lending President Torrey Larsen has launched a new reverse mortgage company, Retirement Funding Solutions, and has hired Rhiannon Behnke and David Entrekin to its executive team. The company is currently operating with headquarters based in San Diego.

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HUD Defines New Type of Reverse Mortgage Non-Borrowing Spouse—Through a mortgagee letter issued last week, HUD clarified its guidance on non-borrowoing spouses, specifically defining the different types of non borrowing spouses including eligible and ineligible cases.

Quontic Bank Launches New Reverse Mortgage Division—Quontic Bank, a federally chartered bank based in New York, is gearing up for reverse mortgage growth with the launch of a new division. The bank sees potential in a changing marketplace and upcoming product changes including financial assessment for borrowers.

A New Year for Reverse Mortgages—Reverse mortgage change is constant. RMD sought the input of Reverse Market Insight’s John Lunde to take a look at the year ahead for reverse mortgages including the good, the bad, and the to-be-determined.

Brokers Lead Reverse Mortgage Volume Rise in Q4—Reflecting an uptick in principal limit factors earlier in the year, reverse mortgage volume saw a 30% increase in the fourth quarter of 2014, largely led by an increase in broker/wholesale business.

Written by Elizabeth Ecker