Reverse mortgage lenders are beginning to embrace the use of social media to reach the increasing numbers of Baby Boomers who are using the internet and sites like Facebook and Twitter to find information on just about anything, including reverse mortgages, discusses Shannon Hicks in this week’s Reverse Focus podcast. However, issues with compliance on these internet channels continue to be an obstacle that is hindering more lenders from entering the social media space.
Also discussed, there are ups and downs when it comes to Home Equity Conversion Mortgage (HECM) endorsement volumes. HECM endorsements took a slight dip in February, however, brokers bucked the trend by showing a volume increase of 4.7%, this according to the latest report from Reverse Market Insight (RMI). Much of this can be attributed to the decline in refinance endorsements as a cause of the volume in February, RMI noted.
In another story, for Federal Housing Administration (FHA) case numbers that have been languishing for some time, reverse mortgage lenders are advised to review their pending case cancellation report to identify loans marked for automatic cancellation, according to recent guidance from the FHA. If there has been no action for six months on uninsured HECM case numbers, then the case numbers will automatically be cancelled in FHA connection.
Lastly discussed, the ongoing non-borrowing spouse litigation between the Department of Housing and Urban Development (HUD) and the AARP Litigation Foundation has turned another corner. The parties have recently filed court documents arguing why the case should and shouldn’t be dismissed, specifically regarding whether or not plaintiffs have received all possible relief to which they are entitled.
To listen, login or become a free member to access past and current episodes.
- More reverse lenders using social media
- Reverse mortgage brokers buck HECM volume decline in February
- Expired FHA case numbers will require assessment
- HUD vs. AARP non-borrowing spouse suit grinds on
Listen Now. Reverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.
Written by Jason Oliva