Congratulations on making it through another working week! Before you head off for (hopefully) warm-weather adventures over the weekend, take a look some of the reverse mortgage stories you might have missed while following all the drama coming out of Washington over the past five days.
Largest Calif. Mortgage Broker Eyes Reverse Expansion Through New Training — C2 Financial, California’s largest forward-mortgage broker and the second-largest in the nation, has a meticulous plan for the expansion of its reverse mortgage arm. First launched in 2013, C2’s Home Equity Conversion Mortgage practice has expanded under the stewardship of Scott Harmes and Christina Harmes, a father-daughter team of Certified Reverse Mortgage Professionals. Scott Harmes told RMD’s Elizabeth Ecker about C2’s training-heavy plan for HECM growth, including intensive online courses for brokers developed with Reverse Mortgage Funding and Finance of America Reverse.
1st Reverse Mortgage USA Builds on H4P Growth Plan — 1st Reverse Mortgage USA, the HECM arm of Cherry Creek Mortgage, announced the rollout of a sales team specifically dedicated to building relationships with homebuilders and developers in order to expand its HECM for Purchase business. The Lakewood, Colo.-based firm already generates about 20% of its reverse mortgage volume from H4P transactions, with a long-term goal of 35% to 40% within the next five to eight years.
Conn. Lawmakers Pass ‘Redundant’ Reverse Mortgage Counseling Bill — Connecticut’s state senate passed a bill that would require reverse mortgage counseling for borrowers — a measure that one Republican lawmaker who voted against the legislation called “redundant.” The bill, which was co-sponsored by a Democrat and a Republican, sailed through the senate, but failed to become law after the Nutmeg State’s legislature adjourned without the two houses agreeing on a compromise bill, according to the National Reverse Mortgage Lenders Association.
Longbridge Receives Ginnie Mae HMBS Issuer Approval — Longbridge Financial announced its status as a Ginnie Mae-approved issuer of HECM-backed securities last week, becoming the 14th active lender to receive the distinction. The Mahwah, N.J.-based firm began servicing loans in-house last year.
Senators Raise Questions About Reverse Mortgages and Trump Budget — A bipartisan team of U.S. senators — Democrat Catherine Cortez Masto of Nevada and Republican Marco Rubio of Florida — reached out to the Department of Housing and Urban Development last week about a curious omission in the Trump administration’s HUD budget: a line that includes the spouses of borrowers in the definition of “mortgagor.” Sens. Cortez Masto and Rubio urged HUD secretary Ben Carson and White House budget director Mick Mulvaney to explain the proposed change, citing concern over a potential rollback of non-borrowing spouse protections introduced over the last few years. Both mentioned horror stories involving non-borrowing spouse evictions in their states; a staffer in Cortez Masto’s office also told RMD that the senator was particularly interested in the issue given her history investigating housing issues as Nevada’s attorney general.
Written by Alex Spanko