In case you missed it, here’s what happened in reverse mortgage news this week:
Walter 2015 Earnings Stunted by ‘Disappointing’ Year for Reverse Mortgages—As many reverse mortgage industry players felt the sting of the shifting regulatory environment in 2015, last year was a particularly “disappointing year” for market participants like Walter Investment Management Corp. (NYSE: WAC), which reported a net loss of $263.2 million overall. On its reverse mortgage business, which largely comprises top-10 industry lender Reverse Mortgage Solutions, Walter reported an adjusted loss of $10.2 million for the fourth quarter of 2015.
Reverse Mortgage ‘Education Week’ Targets Realtors, Financial Advisers—Through a series of online educational sessions, the National Reverse Mortgage Lenders Association (NRMLA) plans to teach Realtors, advisers, health care workers and other professionals how reverse mortgages work and how these products can best serve their clients’ financial needs. The week-long educational sessions will be held April 18-22.
Forbes Sets Record Straight on Reverse Mortgage Line of Credit Growth—In yet another Forbes article focused on reverse mortgages in the past week, Wade Pfau, Ph.D., CFA, professor of retirement income at The American College, sets the record straight with an in-depth analysis of how a Home Equity Conversion Mortgage (HECM) works, grows and stands to benefit borrowers.
CIT Group Cites Reverse Mortgage ‘Weakness’ for Delayed Financial Report—CIT Group, Inc. (NYSE: CIT), the financial holding company which last year purchased the parent company of now-defunct reverse mortgage lender Financial Freedom, reported a delay in filing its annual financial results for 2015, citing a “material weakness” linked to the company’s acquired reverse mortgage interests.
What to Expect from NRMLA’s Eastern Regional Meeting Next Month—Financial planning, secondary market insight and a variety of sessions designed to give reverse mortgage professionals practical takeaways are just a few topics on the agenda for next month’s NRMLA Eastern Regional Meeting. Click the link above to see what else is in store for this year’s event.
Written by Jason Oliva