HUD Offers More Reverse Mortgage Pools for Sale

The Department of Housing and Urban Development (HUD) has publicly announced its intention to sell multiple pools of approximately 1,500 reverse mortgage loans that are secured by properties with loan values in the hundreds of millions of dollars. This is according to a notice posted in the Federal Register last week. “This notice announces HUD’s […]

ReverseVision Launches Marketing Partnership to Drive Reverse Business

Through a new partnership with widespread mortgage marketing platform Total Expert, reverse mortgage origination technology developer ReverseVision is expanding the reach of reverse mortgages. “The partnership is a fantastic start. It shows our direction and is just one illustration of the potential to exploit our growing set of integration APIs,” says Wendy Peel, ReverseVision VP […]

Ditech Names Successful Bidder for RMS

After engaging in a court-supervised sale process for the stock and assets of Reverse Mortgage Solutions (RMS), parent company Ditech Holding Corporation has notified the presiding bankruptcy court that the bidders for both RMS and Ditech’s forward mortgage business have been successful, according to a report at Bankrupt Company News. This has resulted in the […]

How Professionals Can Avoid Reverse Mortgage Sales Surprises

Over the past 30 years, the reverse mortgage industry has gone through an abundance of change. In fact, the reverse mortgage of today looks quite different from the Home Equity Conversion Mortgage that was first introduced in the late 1980s. Whether discussing the abundance of new regulations introduced by the Federal Housing Administration (FHA) or […]

PRMI Launches Reverse Mortgage-Exclusive Retail Branch, Eyes National Expansion

With an eye toward national expansion, Salt Lake City, Utah-based Primary Residential Mortgage, Inc. (PRMI) has opened its first consumer-direct retail branch focused solely on reverse mortgages. The branch, based in Owings Mills, Md., and led by PRMI’s Reverse Mortgage Division Manager Steven Sless, is the first for the company that will deal exclusively with […]

New York’s New Reverse Mortgage Bill: What You Need to Know

A new reverse mortgage bill poised to become law in New York stands to change the way reverse mortgage professionals do business in the state. The bill, passed by the State Assembly in May and now awaiting the signature of Governor Andrew Cuomo, takes sweeping aim at what it calls “deceptive practices,” requiring lenders to […]

Forbes: How Proprietary Reverse Mortgages Could Overtake HECMs in 2019

The future of the proprietary reverse mortgage market could be coming a lot sooner than some people think, since it’s entirely possible that the recent propagation of new, private alternatives to the federal government’s long-standing Home Equity Conversion Mortgage (HECM) program could be eclipsed by private alternatives as soon as this year. This is according […]

Open Mortgage CEO Talks Plans for Recent Expansion, New Volume

In addition to making a recent major acquisition and by adding several former executives from the recently-shuttered Live Well Financial, Austin, Texas-based Open Mortgage is a company on the move. Because of the actions it has taken concerning the expansion of both its forward and reverse mortgage business arms, questions about exactly what it intends […]

HECM Endorsements Settle into ‘Default Setting’ in June

Home Equity Conversion Mortgage (HECM) endorsements dropped slightly by 5.6 percent to 2,546 loans for the month of June 2019, which indicates that the endorsement levels have started to settle into a more recognizable field of relative normality. This is according to the June HECM Lenders report compiled by Reverse Market Insight (RMI). “[This recorded […]