What HECM Lenders Can Expect from HUD’s New Loan Review System

As the Department of Housing and Urban Development (HUD) readies the roll out of a new loan review system for certain Federal Housing Administration mortgages this year, agency specialists this week discussed what FHA mortgagees can expect under the new guidelines. Earlier this month, HUD published Mortgagee Letter 2017-03, announcing its plan to implement a […]

Audit Reveals HUD Violated Procedures When Making Changes to FHA Programs

The Department of Housing and Urban Development (HUD) failed to follow required clearance procedures when implementing changes to Federal Housing Administration programs, according to a recent audit from HUD’s Office of Inspector General (HUD-OIG). HUD-OIG’s objective was to determine whether HUD followed proper requirements and procedures when applying changes to FHA single-family programs, policies and […]

Friday Round-Up: Reverse Mortgage Lender Eyes 2017 Growth, Carson Closer to HUD Secretary Role

Another week has come and gone, leaving a bevy of reverse mortgage news stories in its wake. This week, a reverse mortgage lender discussed its plans to expand its presence in the market this year; a Senate subcommittee grilled President Trump’s Treasury pick, Steven Mnuchin, on reverse mortgage foreclosures; and Dr. Ben Carson moved one step closer […]

Harvard: 4 Aging in Place Challenges the U.S. Can’t Ignore

One in five Americans—nearly 80 million people—will be older than age 65 within the next 20 years, and they will want to continue living in their current homes for as long as possible. Despite these desires, the reality is that the U.S. is ill-equipped to currently provide the accessible housing units and supportive services needed […]

Top Reverse Mortgage Lenders Now Hiring Nationwide—New Jobs Available

The first month of 2017 is already coming to an end, but the job opportunities for reverse mortgage professionals are only just beginning. Lenders nationwide are currently seeking top industry talent to join their teams in the year ahead, offering positions for reverse mortgage originators, processors, underwriters and a variety of executive sales positions. Finance […]

Reverse Mortgage Lenders Buck Industry Volume Trend with Big Retail Gains

Reverse mortgage endorsements dropped slightly towards the end of 2016, dragged down by a modest decline in retail origination volumes. Some lenders, however, bucked the trend in a big way with sizable gains in their retail channels. Home Equity Conversion Mortgage (HECM) endorsements fell 0.7% to 3,884 loans in November 2016, a month that saw […]

Growing Demand Drives Record Reverse Mortgage Sales for Canadian Lender

A growing demand among Canadian seniors to unlock the value of their home equity has resulted in a record sales year for the country’s leading provider of reverse mortgages. Toronto, Ontario-based HomEquity Bank, which provides the Canadian Home Income Plan (CHIP) Reverse Mortgage, reported $459 million in reverse mortgage sales for 2016, a 26% increase […]

Ben Carson Moves Closer to Becoming Next HUD Secretary

Retired neurosurgeon Dr. Ben Carson moved one step closer to becoming the 17th Secretary for the U.S. Department of Housing and Urban Development (HUD) on Tuesday following a confirmation vote from a U.S. Senate subcommittee. The Senate Committee on Banking, Housing and Urban Affairs voted unanimously in approval for Carson’s nomination to serve as HUD Secretary. […]

Reverse Mortgage Lender Banks on Industry Partners to Fuel Growth in 2017

It was a rough year for business in the reverse mortgage industry in 2016, marked by low industry volume and the looming uncertainty of proposed regulations. But just one month into the new year, one lender sees 2017 as the right time to continue expanding its presence in the reverse mortgage space—and it’s doing so […]

HUD Launches Eligibility Tool for Housing Counseling Agencies

The Department of Housing and Urban Development’s (HUD) Office of Housing Counseling recently announced the launch of a new tool that allows organizations to determine if they meet the basic requirements to apply to become a HUD-approved Housing Counseling Agency. The Housing Counseling Agency Eligibility Tool is meant to be helpful for understanding eligibility, whether […]