The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) are instructing servicers of Home Equity Conversion Mortgages (HECMs) to delay due and payable requests on reverse mortgage loans for a period of six months for borrowers that request such relief, since an American at risk of losing his or […]
Home Equity Conversion Mortgage (HECM) endorsements decreased by 14% to 2,913 loans for the month of March 2020, continuing the slight dip compared to the prior month. The majority of the top 10 lenders recorded endorsement decreases, while 9 of 10 tracked regions were down, as well. This is according to the March HECM Lenders […]
A new piece of emergency legislation in the Massachusetts state Senate aimed at providing relief to the housing sector during the COVID-19 coronavirus pandemic would relax the state’s stringent face-to-face housing counseling requirement, which would have the effect of allowing stalled reverse mortgage business within the state to continue. The recently-submitted bill, sponsored by the […]
Mahwah, N.J.-based top-20 reverse mortgage lender Nationwide Equities is expanding the reach of its proprietary EquityPower reverse mortgage offering to all qualified broker partners, after a successful February roll-out to its retail division and select brokers. EquityPower is a fixed-rate, lump-sum product which allows borrowers to access greater proceeds than the traditional Home Equity Conversion […]
The United States Department of Justice (DOJ) announced this week that it has settled with Finance of America Reverse (FAR) to resolve allegations that FAR’s predecessor entity – Urban Financial Group – violated the False Claims Act (FCA) by knowingly originating and underwriting Home Equity Conversion Mortgage (HECM) loans insured by the Federal Housing Administration […]
Pricing for Home Equity Conversion Mortgage (HECM) loans has been fluctuating in recent days due to the effects of the COVID-19 coronavirus pandemic, with reverse mortgage brokers and originators reporting drops in both basis points and in investor activity related to the trading of bonds and other financial products. Proprietary product pricing is also reportedly […]
Proprietary reverse mortgage products that are not reliant on the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program remain a major source of industry optimism for those within it as of the beginning of 2020. This is according to Reverse Mortgage Daily’s Outlook Survey and Report, conducted online in December 2019. The survey […]
Two proprietary reverse mortgage products – EquityIQ from Liberty Reverse Mortgage and Equity Elite from Reverse Mortgage Funding (RMF) – have been ‘temporarily suspended’ by the lenders due to current levels of volatility in financial markets caused by the COVID-19 coronavirus pandemic. This is according to communications that both lenders separately issued to their partners, […]
In terms of its financial impact and implications, no market, investor or consumer has been spared the effects of the COVID-19 coronavirus pandemic. However, there are still some opportunities that can be taken advantage of in the midst of this particularly turbulent climate, according to financial columnist and author Eric Brotman in a new column […]
The Federal Housing Administration (FHA) on Friday evening released a new Mortgagee Letter (ML) announcing guidance for property appraisals in light of concerns related to the outbreak of the COVID-19 coronavirus. The ML also announces a modification to the re-verification of employment requirements due to the COVID-19 national emergency as declared by the president. Appraisals […]
