Reverse Mortgage Originators Stay Transparent on Second Appraisal Possibilities

In late September, the Federal Housing Administration (FHA) announced the creation of a new appraisal requirement for Home Equity Conversion Mortgage (HECM) lenders that resulted in some loan applications requiring a second appraisal. The rule was implemented with the aim of stemming losses to the Mutual Mortgage Insurance (MMI) fund, and was in effect for […]

Study Reveals New Retirees Are Better Prepared Than Previously Thought

The calculation of households prepared to transition into retirement has been operating off of a flawed estimate of retirement income in United States Census Bureau data, with numbers actually showing that more are prepared for the transition out of work than originally believed. This is one of the primary conclusions underlying a new brief released […]

Reverse Mortgage Market Sees Sharp Uptick in Jumbo Interest

Proprietary reverse mortgages appear to be increasing in their overall prevalence within the larger market, according to data shared with RMD by both reverse mortgage originators and counseling participants. While the Department of Housing and Urban Development (HUD) tracks Home Equity Conversion Mortgage activity month to month, the market for new jumbo products is less […]

NRMLA Co-Chair Scott Norman Talks 2019 Priorities for Reverse Mortgages

When the Board of Directors of the National Reverse Mortgage Lenders Association (NRMLA) elected Finance of America Reverse executive Scott Norman as one of their co-chairs, the organization further solidified its confidence in one of the reverse mortgage industry’s biggest and longest-serving advocates. RMD spoke with Norman about his recent ascension to the role of […]

Senate Set to Move Ahead on Kraninger Nomination for CFPB Director

Kathleen Kraninger moved one step closer to leading the Consumer Financial Protection Bureau Thursday in a narrow vote of the Senate. The 50-49 vote in favor of ending debate on her nomination clears the way for a full confirmation vote sometime within the next five days. The matter of CFPB’s leadership is of particular interest […]

Ginnie Mae Announces New Servicing and Issuer Application Rules

The Government National Mortgage Association, or Ginnie Mae, announced this month that it is implementing new evaluation rules that analyze the credit strength of new issuers, and implements new notification requirements for issuers engaged in certain subservicer advance or servicing income agreements. The new rules act to, “[codify] Ginnie Mae’s ability to impose additional financial […]

HECM Second Appraisal Process Becomes Fully Automated

The Federal Housing Administration (FHA) announced today that as of Friday November 30, 2018, the protocols governing new second appraisal requirements for Home Equity Conversion Mortgages (HECMs) will become fully automated. The HECM second appraisal rule was first announced on September 28 in Mortgagee Letter 18-06, which outlined a series of procedures deployed on an […]

Zillow Predictions Offer Grim Outlook for 2019 Housing Market

The expected rise in mortgage interest rates for 2019 will create a domino effect on every major way that consumers interact with the housing market in 2019, including the affordability of both buying and renting a home, and even the commutes of workers across the country, according to a new forecast for the 2019 housing […]

Reverse Mortgage Endorsements See September Drop, Narrowly Missing All-Time Low

A new Home Equity Conversion Mortgage (HECM) originators report published by Reverse Market Insight (RMI) describes a drop in September that “narrowly” missed out an all-time monthly low since new rule changes were handed down in October of 2017. According to the report, HECM endorsements dropped -9.9 percent to 2,874 loans in September. The report […]

FHFA Increases Conforming Loan Limits for Fannie, Freddie in 2019

The Federal Housing Finance Agency announced on Tuesday that it would be increasing the conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac for the third consecutive year. In most of the United States, the maximum conforming loan limit for one-unit properties in 2019 will be $484,350, an increase from […]