The reverse mortgage market has seen its share of ups and downs in recent years — in terms of loan volume, program rule changes, and the evolution of private products, among other measures. Yet today’s industry leaders see the industry at a point of stability, for a change, and stress the message that today’s players […]
In addition to naming incoming board members for the upcoming annual term, the National Reverse Mortgage Lenders Association (NRMLA) announced an executive leadership change Tuesday, naming former executive vice president Steve Irwin as president of the association. NRMLA Founder Peter Bell, who has long served the organization as President and CEO, will remain CEO of […]
Reverse mortgage technology platform ReverseVision announced Wednesday it is launching several major platform updates as part of a brand transformation and refresh that will expand product offerings and will position the company as a comprehensive service for mortgage industry players. The San Diego-based company, which has long served the reverse mortgage industry with its loan […]
The Federal Housing Administration (FHA) announced Monday that it will continue its Home Equity Conversion Mortgage (HECM) collateral risk assessment requirements announced in 2018, and will relax requirements for some non-borrowing spouses to defer repayment of reverse mortgage loans. The agency relayed the changes in two separate mortgagee letters issued Monday, both being effective immediately. […]
For longtime readers of Reverse Mortgage Daily, many have participated in industry dialogue by commenting in response to articles on RMD. The success of RMD was built on community, and we appreciate that comments are an important way to support productive industry discourse. Comments were disabled for several months following a RMD website redesign earlier […]
Reverse Mortgage Funding announced Monday that it is rolling out updates to its Equity Elite proprietary reverse mortgage, now to include both lump sum and term disbursement options for borrowers under a fixed rate. The product expansion, which allows borrowers to choose any number of term payments from 24 to 120 months, follows a series […]
To ease the reverse mortgage experience for the company’s borrowers and originators, Longbridge Financial is launching a consumer-facing servicing website for its customers. Through the new platform, which will be rolled out in stages and will first be available to new customers starting June 3, borrowers will be able to access their loan information via […]
Live Well Financial has halted fundings for new reverse mortgage loans and some loans in process, RMD has learned from wholesale account executives within the company. Some sources indicate the company will cease operations entirely. Several reverse mortgage wholesale account executives with the Richmond, Va.-based mortgage company informed their accounts Thursday and Friday via phone […]
University Lending Corp, based in Clinton Township, Michigan, announced this week is has acquired assets from Huron Valley Financial, including the company’s reverse mortgage division and its 52 employees. Through the acquisition of the Ann-Arbor-based reverse mortgage division, 1st Nations Reverse, the company becomes a top 30 reverse mortgage lender by volume, based on its […]
Around 15% of Americans say they would consider a reverse mortgage once eligible, according to a new survey released Thursday, with responses varying widely depending on age. Among respondents — investors between the ages of 35 and 64 who were polled by Kiplinger and digital wealth management company Personal Capital — 31% of those under […]
