In this week’s Reverse Focus podcast, Shannon Hicks discusses why Quicken Loans, the nation’s third largest mortgage lender, is considering an exit from Federal Housing Administration (FHA) lending. Quicken, which is also the parent company of top-10 reverse lender One Reverse Mortgage, cited in a recent Reuters report that the company may bow out of FHA lending programs as a result of its ongoing legal dispute with the Department of Justice over false claim allegations.
Also discussed, a recent column published in The Wall Street Journal last week said that reverse mortgages suffer from an “undeserved bad reputation.” The assumption that a reverse mortgage should only be used as a last-ditch effort, rather than a financial planning tool, has long hindered the product’s effective use in retirement, according to the column by Wade Pfau, principal at McLean Asset Management, and a member of the Funding Longevity Task Force.
In another podcast story, Hicks discusses another mainstream media article this time from The Washington Post, which addresses “communication breakdowns” in reverse mortgage lending. A complex product like a reverse mortgage has many moving parts and often times, communication gets lost in the shuffle between borrowers and their family members, particularly among adult children who are living with their aging reverse-borrowing parents.
Lastly discussed, this past week saw the rebrand of top-10 reverse mortgage lender Urban Financial of America, which starting December 1 changed its name to Finance of America Reverse. The new name, while it does not signify a change in management or ownership of Urban, reflects the adoption of its parent company, Finance of America Holdings, LLC.
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- Quicken considers bowing out of FHA lending
- Wall Street Journal: Reverse mortgages have undeserved bad reputation
- Communication breakdown: HECMs and family members
- Urban rebrands with name change
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