The Federal Housing Administration has been exploring potential options to stem the reverse mortgage program’s negative impact on the Mutual Mortgage Insurance Fund, and its leader on Monday positioned the government’s new appraisal requirements as the best of multiple difficult choices. “We do understand that our policy changes are going to be challenging initially for […]
The parent company of Liberty Home Equity Solutions received key approvals from government regulators in its blockbuster deal to acquire fellow mortgage lender PHH Corp (NYSE: PHH). Ocwen Financial Corporation (NYSE: OCN) on Friday announced that it has met all of the regulatory and contractual obligations necessary for it to formally take over PHH Corp., […]
The Federal Housing Administration on Friday announced a new appraisal requirement for Home Equity Conversion Mortgage lenders in another attempt to stem losses to the Mutual Mortgage Insurance Fund. Starting with case numbers assigned October 1, the FHA will perform a collateral risk assessment on all reverse mortgage appraisals, then require a second appraisal if […]
The reverse mortgage industry is approaching the one-year anniversary of last year’s principal limit factor reductions, which continue to have an effect on originations and the overall outlook for the space into the future. But 2018 has also been a year of innovation for lenders and originators, with a slew of new proprietary loans hitting […]
Fresh on the heels of data showing an increase in reverse mortgage originations for August, a new report reveals that the secondary market had a similar boost as summer comes to an end. Production of Home Equity Conversion Mortgage-backed securities (HMBS) rose from $321 million in July to $340 million in August, according to the […]
The amount of equity available to American homeowners with mortgages grew $256 billion in the second quarter of 2018 to break the $6 trillion mark, according to a Monday data release from analytics firm Black Knight. That brings the total tappable equity gain for 2018 to $636 billion, according to the Jacksonville, Fla.-based company — […]
Reverse mortgage origination numbers remained low in August, but lenders still saw their second increase of the summer. The 3,197 loans generated were enough to give the industry a 9.9% overall boost, according to the most recent set of data from Reverse Market Insight. “That’s the third lowest total in the past 12 months, but […]
A recent article from a well-known reverse mortgage proponent suggested that rules regarding cross-selling the loans and other financial products may have gone too far — a suggestion that was met with both caution and some qualified support from the larger Home Equity Conversion Mortgage community. “A borrower who uses a HECM to finance the […]
The government of Taiwan is accepting applications for one of two internet-only lending licenses, but a leading reverse mortgage provider in the country has decided to sit it out and double down on seniors. Cooperative Financial has originated $208 million in reverse mortgages so far in 2018, according to a report in the Taipei Times, […]
Forbes over the holiday weekend published a point-by-point rebuttal of a recent Philadelphia Inquirer article that questioned whether reverse mortgages were too risky for older homeowners. Jack Guttentag offered his more upbeat assessment of Home Equity Conversion Mortgages, eventually concluding that all of the potential downsides involved are plainly explained to the average borrower. “The […]
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