Senators Voice Concerns for Reverse Mortgage Heirs

Two senators have written a letter to the Department of Housing and Urban Development requesting enforcement of rules that prevent foreclosure for heirs of reverse mortgage borrowers. Senators Barbara Boxer (D-Calif.) and Charles Schumer (D-N.Y.) called on HUD Secretary Shaun Donovan in a letter sent Wednesday to ensure surviving spouses and heirs of deceased reverse […]

CFPB Loosens Qualified Mortgage Rules to Expand Access

Even the Consumer Financial Protection Bureau believes its standards for what qualifies as a Qualified Mortgage are too strict, proposing on Wednesday some “minor adjustments” to mortgage rules many in the industry have called restrictive.  The CFPB is proposing two changes meant to help certain nonprofit organizations continue to provide mortgage credit and servicing to […]

Senate Puts GSE Housing Reform Bill on Indefinite Hold

A bipartisan bill that would wind down and eventually replace government-sponsored entities Fannie and Freddie was indefinitely put on hold by a Senate committee on Tuesday. The Johnson-Crapo bill, one of four Congressional measures targeting GSE reform, is sponsored by Sen. Mike Crapo (R-Ida.) and Sen. Tim Johnson (D-S.D.). While it has more bipartisan support […]

Forward Lenders Developing Fixed Rate, ARM Hybrids

Lenders are offering new loan products that are a hybrid between fixed rate and adjustable rate mortgages, reports National Mortgage News.  Rising interest rates are making fixed rate loans less attractive, and lenders are hoping the new products will entice borrowers who like the stability of a fixed rate and the less expensive upfront fees […]

Tech Company Launches Retirement Mapping Tool

Advisor technology company Riskalyze has launched a new retirement mapping tool that allows planners to go beyond finding ‘true north’ for their clients to calculating a financial path to retirement with extremely high probability.  Riskalyze recently released Retirement Maps, technology billed as the “next big innovation” for its ability to instantly calculate a client’s financial […]

Financial Advisor: Enormous Market for Reverse Mortgages

Reverse mortgages will become an integral part of peoples’ retirement income plans, predicts a lender in a recent Financial Advisor article.  Along with savings, pensions, and Social Security, home equity conversion mortgages (HECMs) will have a role as the fourth leg of the retirement income stool, but financial planners need to be educated on the […]

CFPB Issues Guide to Integrated Mortgage Disclosure Forms

The Consumer Financial Protection Bureau on Tuesday released a guide to completing the integrated mortgage disclosure forms as a companion to another compliance guide it recently published for lenders. Consolidating the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage documents was the CFPB’s inaugural initiative when it launched in 2011 with […]

Mortgage Prof: Top 10 Situations a Reverse Mortgage Makes Sense

A reverse mortgage isn’t always the best option for a senior, but there are at least 10 scenarios when taking out the federally-insured loan should be considered, says the Mortgage Professor in a recent column. Scenarios where seniors should reject a home equity conversion mortgage (HECM) include when there are plans to pass on a […]

Mortgage Mysteries Keep Potential Homebuyers on the Sidelines

Misperceptions and mysteries surrounding mortgages are preventing some potential homebuyers from pursuing financing, according to a new survey.  Nearly half (46%) of prospective homebuyers have not pursued the financing they would need in order to buy a home due to fear they wouldn’t qualify for a mortgage, found retail home loan lender loanDepot LLC in […]

California, Arizona Remain Reverse Mortgage Strongholds

Two states—California and Arizona—have produced the lion’s share of the year-to-date 8.1% overall growth in reverse mortgage endorsements, according to Reverse Market Insight’s most recent HECM Trends newsletter. “February HECM endorsements came in right between 2012 and 2013 volumes for the month, but we’re likely to see monthly totals below the 2012 [levels] for several […]