Reverse mortgage lenders have long looked to referrals from financial advisers as a means for finding prospective reverse mortgage borrowers. But only 7% percent of a survey of financial advisers are suggesting that their clients use a reverse mortgage strategy for a retirement income plan, new research from global asset manager Cerulli Associates shows. Cerulli […]
Ginnie Mae’s mortgage-backed securities (MBS) portfolio topped $1.5 trillion in unpaid principal balance, the company announced this week. The government-backed company, which is the only securitizer of Home Equity Conversion Mortgages, also recently rebounded slightly from a five-year low in the supply of Home Equity Conversion Mortgage-Backed Securities (HMBS). In May, issuers created $582 million in […]
The combined debt of Americans age 65 to 74 is rising faster than that of any other age group, leading many older adults to turn to reverse mortgages for financial help, writes an industry publication for Certified Senior Advisors in an article this week. And while opinions differ on whether a reverse mortgage is a […]
After a lackluster first quarter, existing-home sales climbed 4.9% in May, a rebound attributed to slower price growth due to rising inventory levels and a temporary but slight decline in forward mortgage rates. All four regions of the country experienced sales gains compared to a month earlier. The National Association of Realtors reports that this increase in […]
The Federal Housing Administration is working on finding a solution to discrepancies in state laws regarding arm’s length transactions, but the agency says lenders should defer to state policy for the time being. “FHA is aware of concerns that the laws in certain states may conflict with its arm’s length transaction requirements for preforeclosure/short sales,” a […]
Reverse mortgages, though a great option for some people, carry high costs that should be considered before making a decision, U.S. News & World Report writes. “In a very small set of cases, where it helps someone who’s elderly to stay in their home the final years … it’s a powerful tool,” Matt Kelly, a […]
As the reverse mortgage industry adapts to new products and a shift back toward more adjustable rate borrowers in the market, many are ramping up their hiring efforts as they look ahead toward growth. Many are calling 2014 a year of rebuilding, and that includes new roles for reverse mortgage professionals seeking a job change […]
SunTrust Mortgage, Inc. will pay $968 million in homeowner relief and fines to settle charges brought by the Consumer Financial Protection Bureau and other federal regulators. The CFPB, in partnership with federal departments and state attorneys general, is requiring mortgage lender and servicer SunTrust to pay $540 million in relief to homeowners for deceptive and […]
Following a 60-day foreclosure extension notice issued in April by the Department of Housing and Urban Development, the Federal Housing Administration has clarified its guidance regarding reverse mortgage foreclosure timelines. Now, up to two 60-day extensions can be granted to non-borrowing spouses of reverse mortgage borrowers: one before initiating foreclosure and one during the process […]
Ocwen Financial Corp. (NYSE: OCN), the fourth-largest mortgage servicer in the U.S., has agreed to pay $3.7 million to end a Massachusetts mortgage lawsuit claiming the company didn’t give homeowners required notices and illegally foreclosed on properties, Bloomberg News reports. The deal gives homeowners $3 million of the settlement, with the balance going to the […]
