How Compliance Issues Could Impact Reverse Mortgages in 2020

In terms of regulations that govern the reverse mortgage industry and possible outcomes for such matters in 2020, distractions being experienced by Congress, White House proposals for federal regulations and the continuing presence of possible Consumer Financial Protection Bureau (CFPB) enforcement actions could make for an eventful year in terms of actions related to regulatory […]

SEC Case Against Live Well CEO Suspended Pending Criminal Case

After Michael Hild successfully requested additional time to respond to civil charges levied against him by the Securities and Exchange Commission (SEC) last month, the federal government has intervened in that civil lawsuit filed against the former Live Well Financial CEO. This is due to the concurrent criminal case filed against him and his former […]

3 Tips on How Reverse Mortgage Originators Can Approach Financial Planners

Making solid connections with Certified Financial Planners (CFPs) is becoming increasingly important for a growing number of reverse mortgage originators, due to the ability of financial planners to serve as reliable referral partners in finding new clients that can potentially become borrowers. While some originators don’t necessarily see the total value of appealing to CFPs […]

Home Equity Investment Company Hometap Raises $100 Million

Boston-based alternative home equity tapping company Hometap announced Wednesday that it has secured $100 million in new financing. The capital raise includes new San Francisco-based investor ICONIQ Capital, LLC as well as Hometap’s current investors General Catalyst, G20, Pillar and American Family Ventures, the venture arm of AmFam Insurance. “We are thrilled to be investing […]

Originators: Top 3 Traits for Selling Reverse Mortgages

Confidence, honesty and the strength of personal branding can be pivotal components for those who work to sell reverse mortgage loans every day, and these three elements have been key for the success of originators in different parts of the country. This is according to a panel discussion of reverse mortgage sales professionals that took […]

Senate Banking Committee Approves Montgomery Nomination for Deputy HUD Secretary

The Senate Banking Committee on Tuesday officially approved the nomination of Brian D. Montgomery, the current FHA Commissioner and Acting Deputy Secretary of the Department of Housing and Urban Development (HUD) to the full-time Deputy HUD Secretary position, RMD has learned. Montgomery, who was officially nominated for the position in October, has served the role […]

RMD Announces Launch of New Conference, HEQ

Reverse Mortgage Daily (RMD) is pleased to announce a first-ever event of its kind: HEQ. On June 18, 2020, HEQ will gather industry executives to the stage in Chicago to discuss the future of home equity in retirement. In a fast-paced, dynamic format, HEQ will provide unique perspectives and intimate networking opportunities – all dedicated […]

Longbridge CEO Talks Private vs. HECM Reverse Mortgages, Branding Power

There will hopefully come a time when the reverse mortgage market, currently dominated by Home Equity Conversion Mortgages (HECMs) backed and guided by the federal government, will be eclipsed by the greater availability of private alternatives. Overcoming reputational concerns in the larger reverse mortgage market may also be accomplished by focusing on product features and […]

Reverse Mortgage Endorsements Drop in November

Home Equity Conversion Mortgage (HECM) endorsements dropped by 13.8% to 2,842 loans for the month of November 2019, a decrease from the spike in activity observed the prior month with the majority of the top 10 lenders recording endorsement decreases. This is according to the November HECM Lenders report compiled by Reverse Market Insight (RMI). […]

Reverse Mortgage Industry Encouraged by 2020 Lending Limit Increase

Last week, the Federal Housing Administration released a Mortgagee Letter (ML) detailing that the lending limit for government-backed Home Equity Conversion Mortgage (HECM) loans would be increasing for the fourth consecutive year in a row, to $765,600 beginning with case numbers assigned on January 1, 2020. This represents a welcome development for many reverse mortgage […]