The reverse mortgage industry has struggled with adapting to changes made to the Home Equity Conversion Mortgage (HECM) program handed down by FHA two years ago. In 2019, the industry recorded a 32.3% loss in volume for the period of January-July compared with the same period the prior year. As a result, finding standout success […]
The Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a specialized taskforce to, “examine ways to harmonize and modernize federal consumer financial laws,” according to a press release. The new body, called the “Taskforce on Federal Consumer Financial Law,” is aimed at examining the existing legal and regulatory climate that faces consumers […]
The late September hearing of the U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance provided a rare moment of insight into the perspectives that national politicians maintain toward the Home Equity Conversion Mortgage (HECM) program. Over the course of the proceeding, more Republicans expressed doubt concerning the viability and effect […]
The Consumer Financial Protection Bureau (CFPB) announced on Thursday the issuance of a new, final rule under the Home Mortgage Disclosure Act (HMDA). The new rule extends the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA for two years. Additionally, the rule also clarifies partial exemptions from certain […]
The Government National Mortgage Association (GNMA, or “Ginnie Mae”) Executive Vice President and Chief Operations Officer Maren Kasper will be stepping down on October 18 for a new position in the private sector, according to a late Thursday press release issued by the organization. Kasper was previously appointed as acting president in the aftermath of […]
Thank you once again to Reverse Mortgage Daily’s dedicated base of readers for your continued support! As a reminder, RMD’s Chicago headquarters will be closed on Monday, October 14 in observance of the upcoming federal holiday. Our normal posting schedule and daily email will resume on the morning of Tuesday, October 15. We hope everyone […]
Despite some reverse mortgage stakeholders believing the HECM for Purchase loan would be looked at as a “sleeping giant” for the industry, loan counts have represented a plateau for the product at around 7% of volume. Many see the product’s potential, and have touted it across the country to Realtors and other real estate partners, […]
As an increasing share of older Americans are turning toward other kinds of emerging jobs in order to make ends meet in retirement, many older workers are turning to jobs that don’t carry any benefits. The result of this is that fewer older workers are in more “traditional” jobs that carry benefits, while many other […]
After the release of two Mortgagee Letters by the Federal Housing Administration (FHA) in late September outlining new provisions for the Home Equity Conversion Mortgage (HECM) program, reverse mortgage servicers are responding positively to the expansion of protections for non-borrowing spouses (NBS). Mortgagee Letter 2019-15 updates the Mortgagee Optional Election (MOE) Assignment for HECMs with […]
President Donald Trump has nominated current Federal Housing Administration (FHA) Commissioner and Acting Deputy Secretary of the Department of Housing and Urban Development (HUD) Brian D. Montgomery to assume the full-time position of Deputy HUD Secretary, a position he’s been serving in an acting capacity since January of 2019. He is the first individual to […]
