In case you missed it, here’s what happened in reverse mortgage news this week:
Urban Parent Buys Big into Forward Originations Market—The parent company of top-10 reverse mortgage lender Urban Financial of America made a major play into the forward lending space through the acquisition of several companies—making the holding company one of the largest non-bank originators in the U.S.
These Are the Hottest Reverse Mortgage Markets in 2015 Right Now—A number of factors led to a surge in reverse mortgage endorsements during June, though volume dipped 5% the following month. Some markets, however, bucked the trend, reporting volume growth of as much as 30% in July.
HUD Slams Two Mortgage Companies for Improper Borrower Fees—The Department of Housing and Urban Development (HUD) this week halted Federal Housing Administration approval of two mortgage lenders based on allegations that the companies, both located in Texas, charged bogus fees to consumers.
Walter Sees Future Profitability in Reverse Mortgages—After writing off a $56 million goodwill impairment charge related to its reverse mortgage business, executive management at Walter Investment Management Corp. (NYSE: WAC)—the parent company of top-10 lender RMS—said during an second quarter earnings call this week that the company sees future profitability from its reverse mortgage business segment.
Illinois Governor Signs Reverse Mortgage Protections Act into Law—This week, Illinois Governor Bruce Rauner signed into a law legislation that creates several borrower protections and the creation of a three day “cooling-off period” during which time a prospective borrower cannot be required to close or proceed with a reverse mortgage.
Written by Jason Oliva