Local Spotlight: Reverse Mortgages in New England

Last October, New England saw a 34 percent increase in reverse mortgage growth, according to data analytics firm Reverse Market Insight. This growth positioned the region in the top spot, followed by the Southwest, which saw a 29 percent increase. So what are they doing right in New England? Regional Stats:Total New England Population: 14,810,001 […]

Reverse Mortgage Endorsements Rocket Upward in February

Home Equity Conversion Mortgage endorsements jumped 142.7 percent to 4,002 loans in the month of February. While that level of increase is enough to turn anyone’s head, it’s still difficult to tell if the increase observed is correcting after the 2018-19 partial federal government shutdown clouded endorsement figures for January, said Reverse Market Insight president […]

RMD Report: Originators Sense Turnaround Underway for Reverse Mortgages

On the heels of the lowest annual reverse mortgage volume recorded since 2005, originators say that based on January business activity, they are sensing an upswing is under way.Despite not having accurate data due to the longest partial government shutdown in American history, reverse mortgage originators across the country noted increased activity in their offices […]

Overcoming Low-Income Seniors’ Financial Challenges

People over the age of 50 with low-to-moderate incomes are facing an increasingly intense and unique set of financial challenges as traditional late-life retirement funding options, like an employer’s pension, become less available. This is according to a study conducted jointly by the Center for Financial Services Innovation (CFSI) and the AARP Foundation, the charitable […]

February HMBS Issuance Hits Lowest Level in Nearly Five Years

The production of new Home Equity Conversion Mortgage-backed securities (HMBS) declined in February to just under $491 million, the lowest level in nearly five years following a recent downward trend, but it was also weakened further by less days in the month and a lack of any highly-seasoned pools. This is according to publicly available […]

FAR Refines Proprietary HomeSafe Products, Drops Most Origination Fees

Finance of America Reverse (FAR) has announced changes implemented into its HomeSafe proprietary reverse mortgage offerings, made in an effort to tackle borrower perceptions concerning the cost of taking out a reverse mortgage loan. Among the changes FAR is making, there will be no origination fee on HomeSafe Standard, Save, Plus, and on the Flex […]

Nationwide Equities Targets New Focus, Celebrates 20th Anniversary

Nationwide Equities is taking a targeted approach to expansion on the heels of an important milestone: 20 years in the mortgage business. The company is charting growth through a greater focus on proprietary products and non-QM loans while maintaining its Home Equity Conversion Mortgage presence, says co-founder Glenn Wallace. The focus on new channels will […]

Fourth Private Reverse Mortgage Securitization Pays Off Completely

Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 2006-RM1 (SASCO 2006-RM1) became the fourth securitization trust of proprietary reverse mortgage loans to pay off completely, according to a recent New View Advisors Commentary. On February 25, 2019, the remaining bondholders received their final payments, and now all bondholders have received their full principal and […]

Liberty Pilots Jumbo Product Amidst Strong Reverse Performance for Ocwen

Ocwen Financial Corporation (NYSE: OCN), parent company of Liberty Home Equity Solutions, recorded fourth quarter and full year 2018 losses overall, but a continuing point of positivity in the midst of other business difficulties continues to be the company’s reverse mortgage division, according to financial statements released this week. The company also announced the launch […]

Reverse Originators See Mixed Bag in New Borrower Verification Policy

Last week, the Federal Housing Administration (FHA) issued a new mortgagee letter implementing policy guidance on practices concerning the use of Third Party Verification (TPV) services as an alternative for authenticating employment, income or assets of potential borrowers. The letter applies to all FHA Title II traditional and reverse mortgages. FHA details that the new […]