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Friday Round-Up: The Road Backwards for Reverse Mortgages

Congrats on making it to another Friday. The weekend is in sight! But before you take off, here’s what happened in reverse mortgage news this week:

What Consumer Groups Are Saying About FHA’s Reverse Mortgage Proposals—In the weeks following the closing of the comment period for the Federal Housing Administration’s latest round of proposals for the Home Equity Conversion Mortgage program, everyone from industry stakeholders to consumer advocacy groups voiced both their support and concerns for proposed reverse mortgage changes. See what popular consumer groups had to say about the changes.

Walter Investment Exploring New Strategies for Reverse Mortgage Business—Following a dismal second quarter financial performance, Walter Investment Management Corp. (NYSE: WAC) said this week that it plans to re-engineer various segments of its business, including a strategic review of the company’s reverse mortgage interest , which includes Reverse Mortgage Solutions, Inc. and Security One Lending.

The Road Backwards: Reverse Mortgage Industry Outlook in 2016—New policy changes for the HECM program in recent years have had a lasting impact on the reverse mortgage sector. As the industry continues to adapt within the new marketplace, it faces one of the lowest years for volume in recent memory.

HUD Unable to Forecast Next Steps on Reverse Mortgage Proposals—As the Department of Housing and Urban Development continues its review of the multitude of comments it received on the recent HECM proposals issued in May, the agency told RMD this week that it has no clear timetable for when it might take any further action in its rule-making process.

Nationstar CEO: New York Reverse Mortgage Probe is ‘Business as Usual’—Earlier this month, a New York financial services regulator opened an investigation into the reverse mortgage servicing and origination operations at Nationstar Mortgage (NYSE: NSM) and Reverse Mortgage Solutions. For Nationstar, the probe is “business as usual,” according to comments made by company leadership during an earnings call this past week.

Written by Jason Oliva