Former FHA Commissioner Offers Ideas on Rebuilding Reverse Mortgage Program

Following the annual release of the Federal Housing Administration’s annual report to Congress on the status of the agency’s insurance fund this year, opinions abound about the sufficiency of recent reverse mortgage program changes and the state of the fund going forward. One opinion that emerged following the report release was that of former FHA […]

RTG Reverse Mortgage Servicing Platform Adds Borrower Website, Updates

Several months after announcing the launch of reverse mortgage servicing technology platform ReverseQuest, Reverse Technology Group (RTG) has launched a new borrower portal that allows reverse mortgage holders to access their account information online. “The website works just like your forward mortgage website where after registration, the borrower is able to view the loan balance, […]

[Update] Despite Gain, Reverse Mortgages Continue to Weigh on FHA Insurance Fund

The reverse mortgage portion of the Federal Housing Administration’s Mutual Mortgage Insurance Fund continues to drag on the overall government-backed portfolio, according to an annual actuarial review of the fund’s finances released Thursday morning. At the end of fiscal 2018, the Home Equity Conversion Mortgage cash flow net present value, a measure reported to Congress […]

Tips to Addressing The New Appraisal Rule with Reverse Mortgage Borrowers

With a month of experience with the Department of Housing and Urban Development’s new collateral risk assessment for reverse mortgage properties, lenders have reported a relatively smooth process in submitting appraisals to HUD and receiving responses as to whether a second appraisal is needed. And an industry working group has been studying the process, finding […]

AAG Adds VA Loans to Retirement Product Offerings

The latest in new product offerings for the nation’s largest reverse mortgage lender, American Advisors Group is adding government-backed Veterans Affairs (VA) loans to its offerings, the company announced Wednesday. Adding to the company’s suite of products that includes Home Equity Conversion Mortgages, jumbo reverse mortgages, traditional “forward” mortgages and real estate services, VA loans […]

Reverse Mortgage Securities Issuance Declines in October

Production of new reverse mortgage loan pools declined in October to roughly $325 million in issuance, down from $360 million in September and $344 million in August, according to data compiled by New View Advisors. This decline in new issuance counters recent arguments that a reverse mortgage recovery is underway following program changes implemented in […]

NRMLA Introduces New Board, Plans for Reverse Mortgage Advocacy

The National Reverse Mortgage Lenders Association welcomed new board members during its recent annual meeting in late October, and bid farewell to several long standing board members who are leaving their posts. Leadership also pointed to some of the work NRMLA has done over the last year, and continues to approach in the coming months. […]

HUD to Offer Reverse Mortgage Pools for Sale

The Department of Housing and Urban Development will offer multiple reverse mortgage pools for sale in December, secured by roughly 1,150 single-family vacant properties with a loan balance of $230 million, according to an entry in the Federal Register. According to the entry, the sale will consist of due and payable reverse mortgages, held by […]

Synergy One to Acquire Midwest-Based Lender BBMC

Synergy One Lending announced Wednesday it will acquire some of the assets of Lombard, Illinois-based BBMC Mortgage, broadening its presence in both forward and reverse mortgage markets. San Diego-based Synergy One, which offers reverse mortgages under the Retirement Funding Solutions brand, was recently acquired by Mutual of Omaha Bank. Mutual of Omaha stated its commitment to […]

FHA in “Fix-It Mode,” Stresses Commitment to Reverse Mortgages

After substantial Home Equity Conversion Mortgage program changes implemented last year, the Federal Housing Administration (FHA) doing “triage” to assess, manage and improve the agency’s reverse mortgage loan portfolio. Having held roughly a month at the helm of the FHA, Commissioner Brian Montgomery says the agency is strongly focused on maintaining the health of the […]