Nationwide Equities Launches New ‘EquityPower’ Proprietary Reverse Mortgage

On the heels of a flurry of new private reverse mortgage product development, top-20 lender Nationwide Equities Corporation announced this week the introduction of its own private reverse mortgage, “EquityPower.” The fixed-rate, lump-sum product allows borrowers to access greater proceeds than the traditional Home Equity Conversion Mortgage (HECM) allows. Nationwide’s leadership sees the product’s launch […]

CFPB Clarifies ‘Abusiveness’ Standard After Years of Lender Uncertainty

Initially introduced under the Dodd-Frank Act nearly 10 years ago, the Consumer Financial Protection Bureau has finally clarified its long held and often confusing “abusiveness” standard, used in its supervision and enforcement capacity. The standard, which essentially allows the Bureau to take action against organizations deemed to be participating “abusive” acts or practices with respect […]

NRMLA Names New President, Board Members

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 […]

ReverseVision Launches New Strategy, Major Brand Refresh

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 […]

FHA Extends HECM Second Appraisal Rule, Expands Non-Borrowing Spouse Protections

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. […]

Reintroducing RMD’s Comments Community

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 […]

RMF Updates Equity Elite Product to Include Term Payment Option

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 […]

Longbridge Launches Servicing Website for Reverse Mortgage Borrowers

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 Halts Funding for New Loans

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 […]