In case you missed it, here’s what happened in reverse mortgage news this week:
One Month In: Lenders React to Reverse Mortgage Financial Assessment—The Financial Assessment (FA) official took effect a little more than 30 days ago and the reverse mortgage industry is experiencing a shift in strategy as it adapts to entirely new processes. See what some had to say about their operations post-FA.
CFPB Study: Reverse Mortgage Ads Give False Impressions—The way reverse mortgage lenders advertise their products, whether on TV, in print or on the web is misleading prospective borrowers, according to a focus group study released this week by the Consumer Financial Protection Bureau (CFPB).
Reverse Mortgage Volume Continues Steady Decline, But Some Buck Trend—For the fourth month in a row, Home Equity Conversion Mortgage (HECM) endorsement volumes have declined, dropping to the lowest level since September 2014, according to the latest data compiled by Reverse Market Insight. While industry volume has dropped noticeably, several lenders saw performance improvements in May.
HUD Extends Deadline for Default Reverse Mortgages—The Department of Housing and Urban Development (HUD) this week announced it is permitting lenders to take a one-time extension, through no later than October 20, 2015, to submit a due and payable request for HECMs in default due to unpaid property charges.
Retirement Funding Solutions Hires Pistone as President—A division of Synergy One Lending, Retirement Funding Solutions this week secured reverse mortgage industry executive Alex Pistone to serve as the company’s president. In this new role, Pistone will be responsible for the firm’s national retail sales force.
Written by Jason Oliva