Specialization Could Be Key to HECM for Purchase Success

As the reverse mortgage industry continues to adapt to the lower principal limit factors introduced last year — and the resulting volume declines — diversification has become a key watchword. Offer a wide range of potential solutions for a senior borrower, from reverse mortgages to forward refinances to real estate brokerage services, and you’re likelier […]

Teaching Real Estate Agents to Spread the Word on HECM for Purchase

Until the industry places greater emphasis on Realtor education and connections, Home Equity Conversion Mortgages for Purchase are not going to see much of a boost, reverse mortgage educators said — and part of that strategy could include inspiring real estate professionals to spread the word on behalf of reverse mortgage originators. Michael Banner, an active […]

Reverse Mortgage Software Providers Bring New Private Products Aboard

The reverse mortgage industry has seen a flood of new proprietary products this summer, and key software vendors have taken steps to upgrade their systems to keep pace with the changes. ReverseVision last week announced a program that allows lenders to incorporate their products into the San Diego-based company’s software within eight to 10 weeks, […]

Reverse Mortgage Endorsements Drop 15% in June, Recovery to Take Time

Reverse mortgage endorsements dipped 15.5% between May and June of this year, according to the most recent update from Reverse Market Insight — and the long-term arc of the post-October 2 recovery is following a well-worn pattern. Both Federal Housing Administration-approved lenders and their non-approved counterparts endorsed 2,833 loans in June, down from the 3,351 […]

Product Diversification Sweeps Reverse Mortgage Industry

Reverse mortgage giant American Advisors Group’s recent announcement that it’s officially a “product-agnostic” company was sure to prick up the ears of entrepreneurial-minded reverse mortgage originators around the country, wondering what the change means for them. AAG’s new business model includes a new forward lending division and real estate brokerage. The Orange, Calif.-based firm’s reworked marketing […]

HUD Accuses Facebook of Enabling Housing Discrimination Through Ads

The Department of Housing and Urban Development late last week filed a formal housing discrimination complaint against Facebook, accusing the social networking giant of allowing companies to exclude certain groups of people from seeing their advertisements. HUD says Facebook violated the Fair Housing Act when it gave advertisers a host of filtering options based on […]

FHA Extends Post-Hurricane Reverse Mortgage Foreclosure Moratorium

The Federal Housing Administration last week offered another extension on the foreclosure moratorium instituted in the wake of last summer’s hurricanes. Affected borrowers in Puerto Rico and the U.S. Virgin Islands now have until September 15 to work out any potential foreclosure issues surrounding their FHA-backed reverse mortgage loans before the process begins again. Foreclosures […]

Post-October 2 Recovery in Line with Previous Reverse Mortgage Changes

The reverse mortgage industry’s leading volume tracker says the decline in originations may have reached bottom as the trend lines follow a similar pattern seen after other key program changes. Home Equity Conversion Mortgage endorsements ticked up slightly among Federal Housing Administration-approved lenders in July, rising 2.5% to reach 2,908 for the month according to […]