HUD Awards $43M in Housing Counseling Grants Including Reverse Mortgage

The Department of Housing and Urban Development (HUD) on Friday awarded $43 million in counseling grants to agencies across the country, coinciding with the beginning of June as National Homeownership Month. However, this year’s award amount has dropped for the second consecutive year in a row. Housing counseling agencies approved by HUD will use grant […]

HMBS Issuance Records Increase in May, With a Catch

The production of new Home Equity Conversion Mortgage-backed securities (HMBS) saw a jump in May to just over $855 million, managing to rise above the generally lower issuance levels observed over the course of the past few months. This was primarily due to three highly seasoned pools, according to publicly available GNMA data and private […]

FHA Commissioner Talks HECM Program Health, Second Appraisals

The Home Equity Conversion Mortgage (HECM) program is a unique hybrid of the public and private sectors, with a great deal of interest directed toward the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD) who set the policies by which that program operates. U.S. Department of Housing and Urban Development […]

The RMD Podcast #2: Interview With FHA Commissioner Brian D. Montgomery

The second episode of The RMD Podcast features a very special guest!  With a reverse mortgage market in a state of evolution, it’s natural to look toward the Federal Housing Administration (FHA) to see if more changes could be made to the Home Equity Conversion Mortgage (HECM) program that could impact the lives of lenders […]

Urban Institute Researchers on Improving HECM Program Through Servicing Changes

Because of the high costs to the Federal Housing Administration (FHA) associated with the Home Equity Conversion Mortgage (HECM) program within the Mutual Mortgage Insurance (MMI) fund, FHA should focus on reducing costs by addressing losses on assigned loans as opposed to narrowing the program’s eligibility requirements. This is according to blog post released by […]

Report: Social Security is Steady, But Shortfalls Must Be Addressed

A government report issued in April on the financial solvency of the Social Security program painted a dire picture for the program’s future, saying that at current disbursement levels, the program would run completely out of funds by 2036. A new research brief says, however, that Social Security’s financial health has actually improved, but that […]

[Updated] Open Mortgage Hires 50 From Former Live Well Team

Multi-channel lender Open Mortgage announced Thursday that it has hired the core team of mortgage lending executives from the recently-closed Live Well Financial, including its former EVP Bruce Barnes, SVP of Operations Jim Cory and SVP of Wholesale and Correspondent Lending Joshua Moran. Additionally, Open Mortgage also hired approximately 50 former Live Well sales and […]

Seeking Loan Repayment, Flagstar Files Suit Against Live Well CEO

Following the sudden closure of top-10 reverse mortgage lender Live Well Financial, the company’s CEO is being sued by one of the company’s creditors. Last week, Michigan-based Flagstar Bank filed a suit in federal court, seeking repayment of more than $80 million in delinquent loans and interest, according to a court filing made with the […]

Forbes: Possible Risks That Come With a Reverse Mortgage

Following up on a previous article detailing some possible reverse mortgage risks, there are four additional risks that a potential borrower should be aware of before entering into a reverse mortgage transaction. This is according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services, in a piece at Forbes. […]

Ginnie Mae Official Discusses How to Replace LIBOR

Both the Government National Mortgage Association (GNMA, or “Ginnie Mae”) and the Department of Housing and Urban Development (HUD) have discussed how to implement a change to their rate index, moving away from the current London Inter-bank Offered Rate (LIBOR) standard. This was an element of a presentation made by Michael Drayne, SVP at the […]