Friday Round-Up: Reverse Mortgage Volume Trends, Nonprofit Sues HUD

In case you missed it here’s what happened in reverse mortgage news this week:

Moving Forward Under Change: Q&A with Liberty President Mike Kent—Just over five months into his role as President at Liberty Home Equity Solutions, RMD caught up with Mike Kent to hear what’s in store for the company as it navigates under the most recent changes to the Home Equity Conversion Mortgage (HECM) program and beyond.

Reverse Mortgage Endorsements Crash Following Pre-FA Volume Ride—HECM endorsements dropped 18.8% to 4,671 loans in September, signaling the end of a three-month run of high volume inflated by the pre-Financial Assessment rush, according to the latest industry data tracked by Reverse Market Insight.

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RMF Adds New Hires to Third-Party Origination Team—Reverse Mortgage Funding (RMF) on Tuesday announced the hiring of two reverse mortgage professionals to its third-party origination division. New additions to the company included Brandy Edwards from Liberty Home Equity Solutions, and Natalie Santos from Summit Funding, Inc.

Nonprofit Sues HUD Over Reverse Mortgage Non-Borrowing Spouse Info—A California-based nonprofit organization recently filed a lawsuit against the Department of Housing and Urban Development over a stalled Freedom of Information Act request regarding the impact of foreclosure on widowed spouses of reverse mortgage borrowers.

Reverse Mortgage Volume Trending in the ‘Right Direction’—The Financial Assessment dragged down reverse mortgage volume following its implementation in late April, but now it appears the industry is headed in the “right direction” as applications are starting to bounce back, according to recent real-time loan data.

Written by Jason Oliva