RMF Takes Top Spot for Reverse Mortgage Securities Issuance in 2018

Reverse Mortgage Funding took the top position in annual HECM Mortgage Backed Securities issuer rankings in 2018 with 41% market share and responsible for $3.92 billion of HMBS securities, according to data compiled by New View Advisors. The reverse mortgage lender, founded in 2013, was followed by AAG, Finance of America Reverse, Ocwen Loan Servicing […]

Local Spotlight: Reverse Mortgages on Long Island

Home prices are on the rise on Long Island, New York. The Multiple Listing Service of Long Island reported in August that median prices increased annually by 3.8% in Nassau County to $540,000 and by 6.8% in Suffolk County to $390,000. These increases are creating an opportunity for reverse mortgage lenders, according to Tim Kennedy, […]

Reverse Mortgage Securities Issuance Falls in 2018, Rises Slightly in December

The production of new Home Equity Conversion Mortgage-backed securities (HMBS) saw an annual decline over the full year of 2018, coming in at approximately $9.6 billion compared to 2017’s $10.5 billion, though the December 2018 monthly issuance total saw a slight increase to $619 million. This is according to data from GNMA and private sources […]

Reverse Mortgage Outlook 2019: Getting Back to Basics

As the reverse mortgage industry prepares to begin the new year in earnest, the cumulation of changes to the Home Equity Conversion Mortgage (HECM) product and evolving situations for prospective borrowers will have to be addressed in 2019. To that end, RMD has been seeking insight from reverse mortgage professionals and thought leaders in order […]

Celink to Pay $4.25 Million to Settle Federal HECM Lawsuit

Compu-Link Corporation (Celink) has agreed to pay a $4.25 million civil settlement to the United States to resolve allegations made by the U.S. Justice Department relating to a False Claims Act violation related to its servicing of Home Equity Conversion Mortgage (HECM) products. This is according to a press release from the United States Attorney’s […]

HECM Endorsements Halted During Partial Government Shutdown

Home Equity Conversion Mortgage insurance endorsements are being halted as a result of the partial U.S. government shutdown that began on Saturday, according to a notice sent by the Federal Housing Administration (FHA) on Wednesday morning. Due to a lapse in appropriations, the shutdown entered its fifth day on Wednesday. Until further notice, the FHA […]

Programming Note: RMD Holiday Schedule

With only days remaining until Christmas, the team here at Reverse Mortgage Daily wants to express warm wishes and happy holidays to all of our valued readers. In observance of Christmas and New Year’s Day, RMD’s Chicago headquarters will be closed from Monday, December 24 to Tuesday, January 1, with our normal posting schedule and […]

Report: Race, Ethnicity Have Bearing on Retirement Security

The earnings and wealth disparities between whites and minorities in the United States is highly pronounced, and proceeds through to general retirement preparedness, according to a new research brief released by the Center for Retirement Research at Boston College. Authored by three in-house researchers at Boston College, the report details 2016 statistics which show that […]

‘Mortgage Professor’ to Launch ‘Retirement Income Stabilizer’

A forthcoming program aimed to stabilize retirees’ finances will help connect the dots for those striving to establish their post-working life’s income. The program is being established by Jack Guttentag, a.k.a. “The Mortgage Professor,” who has long been a proponent of reverse mortgage use. He identifies issues ranging from “defined contribution” 401K plans through “unmanaged […]

Top 10 Reverse Mortgage Stories of 2018

Along with new hurdles introduced to the reverse mortgage business in 2018 – like a potentially difficult rule concerning second appraisals and the prolonged FHA approval process for condominiums – there also came new opportunities. Among these are the increasing prevalence of proprietary jumbo loans, and another rise in the HECM lending limit from the […]