Congrats on making it to yet another Friday. The weekend is in sight! But before you take off, check out the top stories based on RMD reader traffic this past week:
BNY Mellon to Shutter Reverse Mortgage Operations—After two years of participating in the reverse mortgage market, BNY Mellon announced Thursday that it will shutter its reverse mortgage operations by the end of this month. Though the company did not originate Home Equity Conversion Mortgages (HECMs), it served as a closed loan buyer of HECMs.
AAG Debuts First Reverse Mortgage TV Spot Featuring Tom Selleck—This week, American Advisors Group unveiled its latest commercial and the first one featuring esteemed actor Tom Selleck. The new TV spot, which began running across cable and national TV networks Monday, is titled “Too Good to Be True.”
Regulator Opens Investigation of Reverse Mortgage Operations at RMS, Nationstar—Following multiple consumer complaints regarding reverse mortgages servicing and originations, the New York State Department of Financial Services has opened an investigation into Reverse Mortgage Solutions, Inc. and Champion Mortgage Company, a division of Nationstar Mortgage LLC.
Reverse Mortgage Volume Tumbles to New 2016 Low in July—After a slight bump in HECM endorsements in June, industry volume tumbled once again—this time to the lowest level seen this year thus far. In July, HECM endorsements totaled 3,534 loans, a decrease of 6.3% from the previous month.
US News: Reverse Mortgage Facts to Know—An article published by U.S. News & World Report this past week highlighted reverse mortgages as a potential solutions for aging Baby Boomers who are on the verge of retirement, but find their savings falling short.
Written by Jason Oliva