Memorial Day Must-Reads: New FHA Chief, New Private Products

The weather seems to have gone straight from winter to summer here at RMD’s headquarters in Chicago, and we hope this holiday weekend finds you surrounded by family, friends, and warm temperatures. We’ll be off Monday in observance of Memorial Day, but expect the latest news in your inbox on Tuesday morning.

In case you missed it the first time around — or if you want a quick refresher as you shake out the long-weekend cobwebs on Tuesday — here’s a look back at the top stories from a very busy week in the world of reverse mortgages.

RMF Launches New Private Equity Edge Reverse Mortgage — Reverse Mortgage Funding threw its hat into the proprietary reverse mortgage market last week with the Equity Edge, a product RMF president David Peskin says will fill several gaps created by the most recent principal limit reductions last fall.

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Wave of New Private Reverse Mortgages to Hit This Summer — Not to be outdone, Longbridge Financial announced a new proprietary loan of its own at the National Reverse Mortgage Lenders Association’s eastern meeting In New York, while Finance of America Reverse revealed a new option for its existing HomeSafe jumbo loan.

Senate Confirms Montgomery as New FHA Commissioner — After a long wait, Brian Montgomery will officially serve as the next Federal Housing Administration commissioner. The U.S. Senate confirmed Montgomery, who had previously served in that role from 2005 to 2009, with a bipartisan vote of 74-23 — over the objections of some Democrats who questioned his work in the private sector.

Dispelling Current Industry ‘Myths’ About the Mutual Mortgage Insurance Fund — Guest writer James Veale takes a deep dive into the Mutual Mortgage Insurance Fund and criticizes the theory that higher Home Equity Conversion Mortgage endorsements would lead to reduced losses for the FHA.

Reverse Mortgage Originators Decide to Go Big or Stay Independent — In an uncertain era for the industry, some independent originators face a decision between linking up with a major player or staying on their own. Two professionals on either side of the debate weigh in.

Written by Alex Spanko

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