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Holiday Round-Up: FHA to Halt Fixed Rate Full Draw Reverse Mortgage

NewImageIn case you missed it… here’s what happened in reverse mortgage news this week. 

HUD said it’s considering putting the fixed rate full draw HECM on hold. It was hard to miss the letter sent by FHA’s Carol Galante to Sen. Bob Corker (R-Tenn.) outlining major changes to the program in the interest of shoring up the agency’s insurance fund. 

Knight Capital agreed to sell to Getco. Knight Capital, parent of reverse lender Urban Financial Group, this week announced it has agreed to merge with Getco Holding Company in a deal valued at $1.4 billion. Under the cash and stock transaction, shareholders will have the opportunity to receive $3.75 per share, the companies said. 

Generation’s CFO said he’s leaving the company. Generation Mortgage Chief Financial Officer Carl Rojas has confirmed to RMD he will depart from his CFO post at the end of the year. Rojas, who was hired as CFO in February after working for Generation as a consultant and then as corporate comptroller, has served the industry actively in his time with Generation a member of the Coalition of Independent Seniors

A micro-loan launched to save reverse mortgage borrowers from foreclosure. In light of an increasing focus on tax and insurance defaults among reverse mortgage borrowers, Asian-American Homeownership Counseling, Inc. is doing its part to rescue struggling borrowers through a short-term loan program that helps defaulting homeowners get back on track.

RMD will be observing the long holiday weekend. Wishing everyone a happy and safe holiday and we will see you back on Wednesday, December 26. 

Written by Elizabeth Ecker