In case you missed it, here’s what happened in reverse mortgage news this week:
BNY Mellon Launches Reverse Mortgage Operations — Bank of New York Mellon is making headway in the reverse mortgage space. While the New York-based bank and investment management advisor will not originate loans, the company will utilize its access to financial planners and other professionals to spread the word about reverse mortgage merits in effective retirement plans. It will also purchase and securitize loans, and is now licensed to do so.
The Good, The Bad and the Reverse Mortgage Financial Assessment Delay — Reverse mortgage industry members weigh in on the delay of the Financial Assessment. While some say the delay helped give the industry as a whole more time to prepare, others say the delay is causing more confusion and frustration.
How AAG Is Bucking The Trend in Reverse Mortgage Volume — In February, American Advisors Group submitted the highest volume of retail loans in company history, while the rest of the reverse mortgage industry experienced an overall lackluster year for loan volume. Tapping into the retirement planning market is key, especially with the Financial Assessment coming, Paul Fiore, AAG’s executive vice president of retail sales, tells RMD.
RMF Expands to West Coast with New Sales Office — Expanding its presence on the West Coast, Reverse Mortgage Funding LLC (RMF) recently opened a new sales office in the Sacramento metropolitan area. RMF’s new office is located in the Sacramento submarket of Lincoln, Calif. in Sun City Lincoln Hills, the largest active adult community in California developed by age 55+ homebuilder Del Webb comprised of approximately 7,000 homes.
Conn. Lawmakers Consider New Reverse Mortgage Counseling Requirements — Connecticut legislators are considering a bill that would mandate face-to-face counseling and implement a seven-day cooling off period between the completion of counseling and the completion of a reverse mortgage application. The National Reverse Mortgage Lenders Association (NRMLA) is working with legislators in Connecticut to address concerns regarding the proposed bill.
Written by Cassandra Dowell