Finance of America Reverse (FAR) will be transitioning to private label servicing for its proprietary HomeSafe reverse mortgage product, as well as conducting direct outreach to its borrowers on matters of account statements and communications. “We are private-labeling so that we can have a more direct connection with our borrowers,” said FAR president Kristen Sieffert […]
Category: Finance of America Reverse
High home values, a rapidly expanding aging population, and favorable legislation make Texas ideal for a wave of proprietary reverse mortgages, several industry experts say. During the last year, the Home Equity Conversion Mortgage program’s lower principal limit factors have resulted in fewer qualified borrowers and waning origination volume. But the changes also sparked innovation […]
As a plethora of new proprietary products have launched this year to fill holes left by changes to the Home Equity Conversion Mortgage program, lenders are refining their target audiences — and the best ways to reach them. On the surface, HECM marketing and proprietary marketing look similar. Both are targeting seniors who want to […]
The reverse mortgage industry is approaching the one-year anniversary of last year’s principal limit factor reductions, which continue to have an effect on originations and the overall outlook for the space into the future. But 2018 has also been a year of innovation for lenders and originators, with a slew of new proprietary loans hitting […]
As new proprietary reverse mortgage products are teased and released, California sits as a prime potential market for borrowers looking for home equity-tapping options outside of the federal program. Favorable tax laws, high property values, and a large retiree population are a few reasons why jumbos could be poised to take off in the state. This […]
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 counselors have seen their demand fall in tandem with originations and endorsements, but many are already adapting their educational programs to include the wide array of private products entering the marketplace. Counselors logged 7,198 visits during July, according to data from Ibis Software Corporation — representing a sharp decline from the recent peaks […]
Reverse mortgage software firm ReverseVision this week announced expanded services aimed at the burgeoning proprietary market. Under the San Diego-based ReverseVision’s new proprietary outreach initiative, lenders can submit a packet of information about their individual private loans. Within eight to 10 weeks, that product will be fully incorporated into the company’s RV Exchange loan origination […]
After teasing a new private reverse mortgage offering in the spring, Longbridge Financial on Monday formally announced its Platinum mortgage program, marking the latest in a string of new proprietary products hitting the market this year. With the Platinum, the Mahwah, N.J.-based Longbridge seeks to tap into a wider range of potential borrowers than the […]
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 […]
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