Startups Take Aim at $750 Billion “Silver” Senior Market

Silicon Valley is beginning to target a huge, largely untapped, and loaded market: baby boomers and older consumers, writes a recent Slate article.  Venture capitalist-backed startups are entering the $750 billion, boomer-dominated silver space after years of tunnel vision on younger demographics. With about 10,000 Americans turning 65 each day and the 85+ demographic rapidly increasing, the […]

Consumer Financial Optimism Ticks Upward for Spring

Consumer financial optimism is trending positively upward this spring compared to last fall, according to a new report based on the Consumer Bankers Association (CBA)/AOL Finance Optimism Index. The index, launched in April 2014, provides insight into the importance of financial optimism and how it influences consumer behavior and impacts the financial services industry. Consumers are […]

Nonbank Mortgage Servicing Probe to Continue, Says Regulator

A regulatory probe into nonbank mortgage servicing companies and their business dealings will continue, a New York regulator said during a Mortgage Bankers Association conference on Tuesday, and an investigation into ancillary services is next. Benjamin Lawsky, the superintendent of the New York Department of Financial Services, has already gotten involved in the non-bank servicing […]

Saving Enough for Retirement the Top Goal for 50% of Americans

Having enough money for retirement is the top financial goal half of American adults would like to achieve in their lifetime, according to poll results released by the National Endowment for Financial Education. The retirement savings goal beat out other financial milestones such as owning a home (13% of respondents), retiring early (6%), paying for […]

Merrill Lynch Targets Boomers With New Retirement Planning App

Merrill Lynch recently introduced a new, interactive retirement planning application for iPad targeted at baby boomers and developed to address trends of aging and economic uncertainty combined with increased longevity. The app, Merrill Lynch Clear, is meant to help people navigate to and throughout retirement using a modern technology interface rather than the outdated paper […]

Friday Round Up: AAG Markets to Adult Children, Financial Assessment in Limbo

In case you missed it… here’s what happened in reverse mortgage news this week. Lenders are launching media campaigns to market the “new” reverse mortgage. The reverse mortgage industry’s Extreme Summitinitiative is kicking off a TV ad campaign that showcases major changes made to the federal program.  The long-awaited reverse mortgage financial assessment is still […]

Mandelman Matters: Reverse Mortgages Deserve Broader Understanding

A marketer recently blasted a year-old article on reverse mortgages he says mischaracterizes the product and misleads consumers.  Martin Andelman, who writes about matters relating to the economic downturn and foreclosure crisis on his blog, Mandelman Matters, refuted a 2013 CNBC article by Diana Olick called “Reverse Mortgages Backfiring on Some Seniors.” That article highlighted instances of […]

CFPB Launches Electronic Version of Mortgage Lending Regulations

The Consumer Financial Protection Bureau recently launched a new site providing lenders with an electronic version of Truth in Lending Act regulations, part of the bureau’s ongoing effort to improve the mortgage lending disclosures process. One of the CFPB’s first initiatives was to consolidate the TILA and RESPA forms, and it recently issued the TILA-RESPA […]

New Zillow Zestimate Tool Forecasts Future Home Values

Homeowners, investors, and real estate professionals wondering where home prices are headed now have a tool from Zillow, released Thursday, that estimates the future value of individual homes. The Zestimate forecast, created by real estate and home-related online marketplace Zillow, predicts the estimated change in a home’s value in a 12-month span in both dollars […]

House Subpoenas Two CFPB Officials Over Discrimination Claims

Two Consumer Financial Protection Bureau officials and a union representative have been subpoenaed to appear before an upcoming House subcommittee in relation to an ongoing investigation into allegations of discrimination and retaliation at the CFPB. Representative Jeb Hensarling (R-Texas), chairman of the House Financial Services Committee, announced the subpoena on Tuesday for a May 21 […]