Celink Welcomes New Chief Financial Officer

National reverse mortgage subservicer Celink is welcoming a finance veteran to its team to serve as Chief Financial Officer, the company announced Monday. Ronda McCoy brings 20 years of financial and accounting experience to the CFO position, having served in positions of increasing responsibility at a large financial institution and the public accounting industry. McCoy is a CPA […]

CIT Group Completes $3 Billion Acquisition of OneWest Bank

CIT Group Inc. (NYSE: CIT), a provider of commercial lending and leasing services, announced Monday that it has completed its previously announced acquisition of IMB Holdco LLC, the parent company of OneWest Bank N.A.—the former parent company of reverse mortgage originator Financial Freedom—for approximately $3.4 billion in cash and stock. The combined company, CIT Group […]

Financial Planning: The Changing Profile of Reverse Mortgage Borrowers

The reverse mortgage, once known as a product for those in desperate financial need, is appealing to a new consumer, according to a recent article by Financial Planning.  “With its reduced fees and the new financial assessment, the [home equity conversion mortgage] HECM is now appealing to finance-savvy homeowners looking for additional tools to utilize […]

Dodd-Frank Mortgage Rules Forcing Banks to Cut Services

Nearly half of all banks have had to reduce their offerings of financial products and services because of growing regulatory compliance burdens, new data show. A combined 46.3% of respondents said their bank had cut offerings for loan accounts, deposit accounts, or other services because of regulatory effects, according to the American Bankers Association’s 2015 Survey […]

New Reverse Mortgage Rules Are a ‘Breath of Fresh Air’ for Small-Shop Players

Three months have passed since implementation of the Financial Assessment, and many industry members are keeping a close watch on reverse mortgage volume to assess the new rule’s impact. But despite poll data suggesting the Financial Assessment (FA) may be negatively impacting reverse mortgage volume more than originally anticipated, smaller lenders say the FA is having […]

These Counties Have the Most American Seniors

Sumter County is the grayest county in the United States, with more than half (52.9%) of its residents are 65 and older, according to new data from Pew Research Center.  Perhaps not surprisingly the county ranking second in percentage of people who are 65 and older is also in the Sunshine State. In Charlotte County, Fla., […]

Pricing Freedom Creates Range of Reverse Mortgage Counseling Fees

Recent federal guidance that doesn’t limit how much reverse mortgage counseling agencies can charge for their services has created a range of rates that vary among counselors from state to state. For some, the Financial Assessment is causing reverse mortgage counseling agencies to increase their rates to accommodate for longer counseling times, industry members tell […]

These Are the Best and Worst States to Get a Mortgage

Mississippi ranks at the No. 1 best state to get a mortgage loan, while Hawaii clocks in at the bottom of the list, according to recent findings by GOBankingRates. GOBankingRates ranked all 50 states based on the local rates offered on 15- and 30-year fixed-rate mortgages (FRMs) in the first quarter of 2015, weighted with the average […]

Older Americans to Face Nearly $140,000 in Long-Term Care Costs

Americans turning 65 this year can expect on average to pay $138,000 in future long-term care services and supports (LTSS) costs, according to a new report by the U.S Office of the Assistant Secretary for Planning and Evaluation (ASPE). Families will pay about half of the costs themselves out-of-pocket, with the rest covered by public programs and private insurance, data […]

Bloomberg: Lawmakers Seek Dodd-Frank Fix

Lawmakers from both sides of the aisle are discussing a Dodd-Frank Act “fix-it” bill, reports Bloomberg in a recent article. “The bipartisan group is looking to improve on legislation proposed by Senate Banking Committee Chairman Richard Shelby that was written with almost no feedback and has no chance of passing, [U.S. Senator Mark] Warner, a Virginia […]