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Reverse Mortgage Volume Hits New Low, Walter Investment Hires New CEO

ReverseFocusReverse Focus Weekly Podcast Episode #417

In this week’s Reverse Focus podcast, Shannon Hicks discusses the new lows in reverse mortgage volumes for the month of May among many regions of the country. The Great Plains region was the lowest with a drop of 32.7% in May. On the flip side, the rocky mountain region saw their largest increase in reverse mortgage volume for the year in May.

The next topic of discussion revolved around the Dodd-Frank Act. There has been chatter about dissolving the program in recent years, but last week, Jeb Hensarling (R-Texas) shared his details on the financial CHOICE Act, which stands for Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs. This is the republican plan for replacing the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB). It would fundamentally reform or disassemble the CFPB and change the name to the Consumer Financial Opportunity Commission.

Another topic Hicks brings up is about a new study from Northwestern Mutual that says Americans will need to source funds for retirement in more non-traditional ways. Life expectancies are increasing, but people are less confident that their savings will last them through retirement. The study found that only 21% of those surveyed over 18 years old have increased their savings and efforts to prepare for retirement.

The last topic discussed this week was about the challenging year Walter Investment Management Corporation has had. Last week, they announced the appointment of a new executive chairman and CEO. George M. Awad, former executive at General Electric and Citigroup, was announced executive chairman of the Walter Investment’s board of directors and interim CEO. He will begin in both positions at the end of the month.

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Talking Points:

  • Reverse mortgage volume hits new low
  • Dodd-Frank Act is on the chopping block
  • Non-traditional source of funds needed for retirement, says study
  • Walter Investment appoints new CEO

Listen nowReverse Focus is the ultimate resource for reverse mortgage professionals providing the technology, training and marketing to grow your business. We are your one-stop resource for those committed to taking their business to the next level.” Editor’s Note: These posts are sponsored by Reverse Focus.

Written by Alana Stramowski