Chicago Tribune: Reverse Mortgage Financial Assessment is Here

With the reverse mortgage Financial Assessment now in effect, business and finance writers around the country are shining a spotlight on what the new underwriting requirements mean for potential reverse mortgage borrowers and the industry itself. One way to think about the FA is that it makes reverse mortgages more similar to forward mortgages—and that […]

CFPB Official: Reverse Mortgage Industry Needs to ‘Clean Up’ Servicing

Loan servicing problems are contributing to “rampant” consumer confusion about reverse mortgages, and federal overseers are monitoring how the industry addresses these issues, officials with the Consumer Financial Protection Bureau said Tuesday. A certain amount of consumer confusion is to be expected with complex products like reverse mortgages, but this confusion has been significantly worsened […]

HELOC ‘Bomb’ Set to Explode, 15 Boomer Marketing Mistakes

Reverse Focus Weekly Podcast Episode #353 About 3.3 million home equity lines of credit (HELOCs) are scheduled to reset at higher rates in the next four years — and more than half of these are on properties that are underwater, discusses Shannon Hicks in this week’s Reverse Focus podcast. Homes that were purchased or refinanced […]

Reverse Mortgages May be Excluded from ‘Rapid’ Home Loan Expansion

Access to home loans now is approaching pre-recession levels as mortgage lenders rapidly loosen requirements, although reverse mortgage lenders continue to be limited by government regulation, a top researcher at real estate website Zillow tells RMD. Zillow on Friday released the first-ever Zillow Mortgage Access Index (ZMAI), showing the notable trend toward loosening credit. The index weighs […]

Reverse Mortgage Retail Outpaces Wholesale to Start 2015

Home Equity Conversion Mortgage (HECM) originators began 2015 on an even keel, sustaining endorsement volumes in January after ending the prior year with a spike, according to the latest Reverse Market Insight (RMI) report. Retail outpaced wholesale to end the year, contributing to an overall 12.1% increase in HECM endorsements between November and December, RMI notes. And though […]

Overtime Pay Rules Apply to Mortgage Loan Officers, Supreme Court Rules

Mortgage loan officers are eligible for overtime pay, the Supreme Court has determined in a ruling that mortgage industry stakeholders say could impose challenging requirements on lenders. The Supreme Court’s decision does apply to loan officers who deal with reverse mortgages, a Mortgage Bankers Association (MBA) spokesman confirms to RMD. The ruling may not have […]

Reverse Mortgage Advice Highlights Consumer Education Challenge

While consumer confusion about reverse mortgages continues to be of concern within the industry, a recent article on the consumer financial education website NerdWallet may have unintentionally highlighted some of the difficulties in informing potential borrowers about these products. In “When You Should (and Shouldn’t) Get a Reverse Mortgage,” writer MJ Knoblock offered a basic explanation […]

Friday Round-Up: HUD Sets New Financial Assessment Date

In case you missed it, here’s what happened in reverse mortgage news this week: HUD Sets New Reverse Mortgage Financial Assessment Date—Home Equity Conversion Mortgages (HECMs) must comply with Financial Assessment guidelines for case numbers issued on or after April 27, 2015, the Department of Housing and Urban Development announced this week. HUD earlier this […]

Reverse Mortgage Lenders Compete for Top Talent—Jobs Open

Proficio Mortgage Ventures announced the addition of six new loan officers this week, but the large reverse mortgage lender is far from alone in looking for top new talent. From underwriters to account executives and sales managers, lenders around the country are accepting applications now for open positions. Urban Financial of America, Security 1 Lending, […]

Could Reverse Mortgages Become Mandatory for Some Australians?

Taking out a type of reverse mortgage should be mandatory for certain Australians who need care later in life, think tank Per Capita proposed in a recently released report. As in the United States and other countries, Australia is experiencing substantial growth in the need for senior care due to an aging population. Faced with […]