The Best Path For Reverse Mortgages: Private vs. HECM Loans

The reverse mortgage market has long awaited the return of private products to a HECM-heavy market. Now that several products are making inroads across the lending landscape, a question arises concerning what constitutes the right balance of HECM and proprietary loans. There’s no shortage of originators who would like to see a viable private alternative […]

HECM Wholesale and Retail Channels Drop Evenly in March

Home Equity Conversion Mortgage (HECM) endorsements saw a sharp drop of 35.7 percent in March across the wholesale and retail channels, settling at 2,573 loans according to the latest data from Reverse Market Insight (RMI). The drop in those endorsements across both channels is likely indicative of a return to more stable levels on the […]

Funding Longevity Task Force Gets New Name and Home, Adds Karin Hill

The organization previously known as the Funding Longevity Task Force, which had recently moved out of the American College of Financial Services, has found a new home with the University of Illinois at Urbana-Champaign (UIUC), along with a new identity created to more closely align with the academic nature of its mission. The organization, now […]

Financial Advisor: Don’t Ignore Reverse Mortgages

Although they can often be a tough sell, reverse mortgages can likely help financial clients who find themselves running out of money in retirement. This is according to an article appearing in Financial Advisor by writer Dan Jamieson. Home equity can be tapped for a number of reasons, including to pay off existing mortgages, mitigate […]

CFPB Announces New Deputy Director, Senior Leadership Appointments

The Consumer Financial Protection Bureau (CFPB) announced the appointment of Brian Johnson as its deputy director, according to a press release circulated by the agency. Johnson first joined the agency in December 2017 as senior advisor to the director. He went on to be named principal policy director in April 2018, before being named acting […]

Flagstar Faces $74 Million in Exposure on Heels of Live Well Closure

Bank holding company Flagstar Bancorp (FBC) disclosed new financial exposure of $74 million on Monday, believed to stem from the downfall of major reverse mortgage lender Live Well Financial. The company attributes the exposure, comprising a $69 million commercial loan and a $5 million warehouse line, to an unnamed, recently closed reverse mortgage lender, which […]

EasyKnock Raises $215 Million in Series A Financing

Sale leaseback company EasyKnock has raised $215 million in a series A round of financing from new and returning investors on the heels of the release of a new program. This is according to a press release circulated by the company. The new program, called “MoveAbility,” is designed to allow homeowners to leverage their equity […]

Former Employee Files Class Action Suit Against Live Well

Following Live Well Financial’s sudden closure last week, an employee is attempting to sue the company for lost wages. A former employee of the company’s Richmond, Va. headquarters has filed a class action lawsuit in the U.S. District Court of Delaware seeking 60 days of wages and benefits, alleging termination without cause and notice as […]

FHA Proposes Rule Changes to Increase Clarity, Lender Activity

The Federal Housing Administration (FHA) has announced several proposed changes to its loan-level certification requirements for both lenders and borrowers, designed to improve clarity of compliance rules, and to expand financing options for borrowers in an effort to bring more depository institutions back into the FHA lending process. “Today, we are proposing to overhaul the […]

Forbes: Defining the Risks of a Reverse Mortgage

Some of the biggest risks inherent in a reverse mortgage transaction include the complexities of the Home Equity Conversion Mortgage (HECM) Program allowing for instances of misunderstanding, problems that can arise when someone is unable to pay, and inaccurate perceptions concerning what the loan repayment structure looks like. This is according to Dr. Wade Pfau, […]