Friday Round-Up: New Broker Pricing Tool, Proficio Winds Down Reverse Mortgage Business

Congrats on making it to yet another Friday. A lot has happened in the reverse mortgage world in the past week, but in case you missed it these were the industry’s top stories in the last seven days:

What All Reverse Mortgage Lenders Must Know to Avoid the CFPB’s Clutches—With so many enforcement actions against mortgage lenders making headlines these days, it’s important for reverse mortgage professionals to be mindful of their regulatory compliance if they want to avoid the wrath of the Consumer Financial Protection Bureau.

New Pricing Tool Aims to Bring Reverse Mortgages into the 21st Century—This past week, Reverse Focus announced the launch of its newest pricing tool to help reverse professionals streamline their efficiencies. The company’s newest resource, HECMpricing.com, aims to bridge the pathway between brokers and wholesale lenders, and ultimately bring the reverse mortgage industry into the 21st century.

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Home Equity Provides Longevity ‘Safety Net’ in Retirement—Retirees want the financial security of knowing they won’t outlive their money in retirement. As they prepare to live off their assets during their non-working years, many retirees continue to rely on sources of income that are guaranteed for life, and this could include looking at the use of reverse mortgages as a safety net for longevity.

Reverse Mortgages Play Vital Role in Planning for the Costs of Aging—Reverse mortgages can be used to serve a variety of needs in retirement, not the least of which is using home equity as an insurance tool to cover aging-related expenses. This week, the American Society on Aging, in partnership with the National Reverse Mortgage Lenders Association, convened for a webinar on how reverse mortgages fit into the fold of helping aging Americans effectively fund their longevity.

Proficio Winding Down Reverse Mortgage Operations—Proficio Mortgage Ventures, a top-25 reverse mortgage lender, said it is in the process of winding down its reverse mortgage operations, company President and Chief Operating Officer Steve Chapton told RMD this week. The extent to which Proficio plans to wind down its reverse operations remains unclear.

Written by Jason Oliva

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