In case you missed it… here’s what happened in reverse mortgage news this week.
Lender Rebrands Reverse Mortgage Following Financial Assessment —Chicago-based bank The Federal Savings Bank is now marketing the reverse mortgage as The Life Mortgage for Seniors. The name change was driven in part by the Financial Assessment and longtime issues reverse mortgage lenders have had marketing the product, says Executive Vice President Mike Crossett.
Zillow: Hottest Real Estate Markets for Buyers, Sellers — Sellers have the upper hand in Denver, Seattle and Dallas-Fort Worth, San Jose and San Francisco, according to Zillow’s latest analysis of the top housing markets. In sellers’ markets, homes sell an average of 48 days faster than those for sale in buyers’ markets — the hottest of which include Philadelphia, Chicago, Cleveland, Miami-Fort Lauderdale and Providence.
HUD Revises Reverse Mortgage Servicing Policies for Due Loans — The Department of Housing and Urban Development (HUD) recently detailed new servicing policies for Home Equity Conversion Mortgages (HECMs) that become due starting July 1, as well as loss mitigation options in the event of unpaid property charges.
AAG Spotlights Retirement Planning in New Reverse Mortgage TV Ads — This month American Advisors Group (AAG) will launch its newest television commercial campaign featuring former U.S. Senator and national spokesman Fred Thompson. Thompson will discuss the role of reverse mortgages in retirement planning.
CFPB Sues Loan Officers, Execs in Mortgage Kickback Scheme — The Consumer Financial Protection Bureau (CFPB) has taken action against several mortgage executives and loan offers — some of whom have a background in reverse mortgage origination — for their role in a “pay-to-play” mortgage kickback scheme.
Written by Cassandra Dowell