In case you missed it… here’s what happened in reverse mortgage news this week.
Ocwen Financial closed its deal to buy Liberty. The $22 million deal, previously announced in October, gives Ocwen (NYSE: OCN) ownership over Liberty Home Equity Solutions, formerly owned by Genworth Financial. All reverse mortgage operations are continuing under the new parent company.
Reverse mortgage volume spiked 20% in March. On the heels of home price increases nationwide as well as an April 1 cutoff for the fixe rate standard reverse mortgage under FHA, volume rose 20% to 8,593 in March over February, and almost 50% higher than the 5,795 loans endorsed in January 2012.
A reverse mortgage study is under way… and it will help direct a forthcoming financial assessment for borrowers. The study, by Ohio State University and made possible by grant funding from the MacArthur Foundation, will help HUD’s policy decisions regarding reverse mortgages, the department said in a March brief.
States began to adopt a streamlined state LO exam. With 20 states on board, mortgage bankers are working to get all 50 states to adopt the new Uniform State Test under the NMLS.
Written by Elizabeth Ecker