New York State Issues New Reverse Mortgage Regulations

The New York State Department of Financial Services (NYDFS) has issued new reverse mortgage regulations, implementing the recently-passed New York State Assembly Bill A5626. The regulations went into effect as of March 5, 2020. Assembly bill A5626 was first passed by the New York State Assembly in May, and takes sweeping aim at what it […]

How the Fed’s Latest Interest Rate Cut Could Impact Reverse Mortgages

This week, the Federal Reserve took an extraordinary step to contain the economic impact of the global coronavirus outbreak by slashing interest rates in the biggest single rate cut the central bank has ever made. It makes for the biggest one-time cut — half a percentage point — and the bank’s first emergency rate move […]

Forbes: Private Reverse Mortgages No Longer Just for ‘Very Expensive’ Homes

Private reverse mortgages that do not involve the Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM) program used to be used primarily for those with very high value homes. However, those products have evolved to encompass more utility for homes of lower values, particularly as rules governing HECM proceeds have changed. This is according […]

Reverse Mortgage Education Comes to Amazon’s Audible Platform

The mission of reverse mortgage product education is one of the proverbial “front lines” of the industry, since all stakeholders maintain a vested interest in countering the often intense and persistent negative product perceptions that permeate consumers’ understanding of what a reverse mortgage is. One of the ways that can be beneficial in combating the […]

Reverse Mortgage Securities Production Dips Slightly in February

The production of new Home Equity Conversion Mortgage-backed securities (HMBS) totaled approximately $707 million in February as low interest rates continue to strengthen new production, though this figure is lower than the $760 million total observed in January. This is according to publicly available Ginnie Mae data and private sources compiled by New View Advisors. […]

HUD Secretary Carson Added to White House Coronavirus Task Force

The task force created by the White House and charged with spearheading the federal response to the outbreak of the COVID-19 coronavirus has added the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson. This is according to a new informational notice issued by the Federal Housing Administration (FHA). “Earlier […]

February Reverse Mortgage Endorsements Dip After ‘Blistering’ January

Home Equity Conversion Mortgage (HECM) endorsements decreased by 13.6% to 3,386 loans for the month of February 2020, a slight dip compared to the prior month, which recorded the highest endorsement levels since February 2019. The majority of the top 10 lenders recorded endorsement decreases, while 7 of 10 tracked regions were down, as well. […]

PRMI’s Sless Group Adds Nickoles as Reverse Mortgage Processing Manager

Primary Residential Mortgage (PRMI)’s Steven J. Sless Group, the lender’s consumer-direct retail branch focused solely on reverse mortgages in Owings Mills, Md., has hired Brandy Nickoles as reverse mortgage processing manager. She brings with her nearly 15 years of combined wholesale and retail experience that she will use to bolster the group’s efforts. “Brandy will […]

World Bank: Reverse Mortgages Remain Global ‘Last Resort,’ with Potential

While reverse mortgages have notable potential to increase in demand across the planet due to the aging of the global population, constraints on the sides of both supply and demand, along with a relatively limited number of providers even in well-developed economies, have kept reverse mortgages in the realm of “last resort” products as opposed […]