TGIF! The weekend is within reach, but before you go, here’s what happened this week in reverse mortgage news:
[Updated] FHA Proposes New Consumer Protections for Reverse Mortgages—The Federal Housing Administration this week proposed new rules that will codify recent Home Equity Conversion Mortgage (HECM) reforms, in efforts to “strengthen” the HECM program and reduce risk to the Mutual Mortgage Insurance Fund.
Mortgage Rates Reach New Three-Year Low—Average fixed-rate mortgages fell for the third week in a row this past week, according to the latest Freddie Mac Primary Mortgage Market Survey, which found mortgage rates were at their lowest point thus far in 2016. This information followed the less-than-stellar employment data that was released in April.
What Borrowers Say About Reverse Mortgages—RMD had the opportunity to gain insight into why borrowers consider reverse mortgages during the National Reverse Mortgage Lenders Association’s western regional meeting in Huntington Beach, Calif. last week. Paying for health care costs after a job loss, to diversifying cash flow options were among the many reasons people choose to give reverse mortgages a shot, according to a panel of current HECM borrowers.
Top-10 Lender Creates New Platform for Reverse Mortgage Operations—AmericanSenior.com is the new consumer direct reverse mortgage platform of top-10 industry lender HighTechLending. The launch was intended to tailor its lending services specifically to older borrowers, many of whom who are becoming more technologically savvy.
PRC Tweaks Leadership as Former Chief Starts New Reverse Mortgage Venture—After Premier Reverse Closings President Rob Awalt left the company a little more than a month ago, earlier this week PRC announced Ami Kellogg as the company’s new President and Heather Moulden as Senior Vice President of Sales. Parent company, Mother Lode Holding Company made it clear in an email that they continue to be fully committed to the reverse mortgage industry.
Written by Alana Stramowski