Another week has come and gone, leaving a bevy of reverse mortgage news stories in its wake.
This week, a reverse mortgage lender discussed its plans to expand its presence in the market this year; a Senate subcommittee grilled President Trump’s Treasury pick, Steven Mnuchin, on reverse mortgage foreclosures; and Dr. Ben Carson moved one step closer to becoming the next Secretary for the U.S. Department of Housing and Urban Development.
In cased you missed them, here are the top reverse mortgage news stories grabbing the attention of RMD readers this past week:
Reverse Mortgage Lender Banks on Industry Partners to Fuel Growth in 2017—It was a rough year for business in the reverse mortgage industry in 2016, marked by low industry volume and the looming uncertainty of proposed regulations. But just one month into the new year, one lender sees 2017 as the right time to continue expanding its presence in the reverse mortgage space—and it’s doing so with the help of its industry partners.
Senate Committee Grills Trump Treasury Pick on Reverse Mortgage Foreclosures—President Donald Trump’s pick for Secretary of the U.S. Treasury, Steve Mnuchin, recently testified before a Senate committee, where he answered for the reverse mortgage business practices of a now-defunct originator that was formerly owned by a company under his control.
Reverse Mortgage Lenders Buck Industry Volume Trend with Big Retail Gains—Reverse mortgage endorsements dropped slightly towards the end of 2016, dragged down by a modest decline in retail origination volumes. Some lenders, however, bucked the trend in a big way with sizable gains in their retail channels.
HUD Suspends Reduction of FHA Mortgage Insurance Premiums—The Department of Housing and Urban Development (HUD) suspended previous guidance that permitted a reduction of annual mortgage insurance premium rates for certain Federal Housing Administration mortgages—a move that arrived one week after HUD first announced the reduction, and just hours after President Donald Trump was sworn into the U.S. Presidency on Friday, January 20.
Ben Carson Moves Closer to Becoming Next HUD Secretary—Retired neurosurgeon Dr. Ben Carson moved one step closer to becoming the 17th Secretary for the U.S. Department of Housing and Urban Development this past week, following a confirmation vote from a U.S. Senate subcommittee. Carson now only needs a simple majority vote to clear the full Senate and receive the appointment of HUD Secretary.
Written by Jason Oliva