The introduction of Financial Assessment regulations in 2015 brought new challenges to the reverse mortgage industry, instituting an extra set of steps for potential borrowers and putting a dent in origination numbers. But based on pre- and post-FA data, the now two-year-old regulation appears to be achieving the Federal Housing Administration’s goals of reducing defaults. […]

Moody’s issued its annual commentary on Finance of America Reverse, assigning the Tulsa, Okla.-based lender the middle of its five ratings. FAR received an “average” rating for its jumbo reverse mortgage offerings, based on a variety of criteria. For instance, FAR earned “above average” marks for property valuation, based on the company’s two required appraisals […]

More than two months ago, a bipartisan pair of senators wrote to the Department of Housing and Urban Development over a confusing line about reverse mortgages in President Trump’s proposed 2018 budget. They’re still waiting for an answer. Sen. Catherine Cortez Masto, a Nevada Democrat, and Sen. Marco Rubio, a Florida Republican, haven’t heard back […]

The Senate Committee on Appropriations last week signed off on its proposed Department of Housing and Urban Development budget for 2018, a blueprint that includes $50 million in funding for housing counseling programs. While the budget doesn’t specifically mention the Home Equity Conversion Mortgage program by name, it does include the $50 million for agencies […]

Reverse Mortgage Funding recently rolled out a new software program designed to streamline the application process, a move that the Bloomfield, N.J.-based firm hopes will make Home Equity Conversion Mortgages more accessible to “forward” lenders. The company’s new “Loan Qualification” engine allows brokers who use its proprietary Tango Reverse origination software to perform a kind […]

Monthly reverse mortgage endorsements continued to decline after a promising early spring, though most top-10 lenders had a reason to celebrate their performance in May. Home Equity Conversion Mortgage lenders turned in 4,851 total endorsements for the month, according to the most recent breakdown from Reverse Market Insight. That’s a dip of 3.6% from April’s […]

Secretary Ben Carson affirmed his commitment to the reverse mortgage program in a Monday speech to a major advocacy group for older Americans, lauding recent program improvements and emphasizing his desire to help homeowners age in place. “This is a top priority for my department: To give seniors more opportunities, more alternatives, more choices, and, […]