In case you missed it…here’s what happened in reverse mortgage news this week.
Reverse mortgage stabilization bill passes House. The bill’s passing in the House brings the Department of Housing and Urban Development (HUD) one step closer to making changes to its Home Equity Conversion Mortgage (HECM) program.
ARM product shift could signal the return of origination fees. A shift in adjustable rate products has the industry wondering if origination fees could be making a comeback to boost loan revenues.
Lenders see opportunity in dipping April endorsement volumes. The playing field is leveling for reverse mortgage lenders as the race for volume becomes more condensed.
FHA advised to reverse course on RM program. Dubbed inconsistent with the direction of mortgage policy by American Banker, the Federal Housing Administration’s participation in its reverse mortgage program needs to change.
Great Recession derails boomer retirement funds. Baby boomers approaching retirement lost, on average, more than $100,000 in savings as a result of the recent economic downturn.
Written by Jason Oliva