Informal guidance from the Consumer Financial Protection Bureau (also known as the Bureau of Consumer Financial Protection) should not be treated as rule from a compliance standpoint, according to a position held by the National Reverse Mortgage Lenders Association that was submitted in formal comments to the Bureau this week. Responding to a Request for […]

On the same day that multiple reverse mortgage lenders unveiled new proprietary products, a group of industry leaders came together to explain why this particular moment is right for private loans. “We believe there have been between $5 and $6 billion of proprietary non-agency reverse mortgages originated life-to-date,” roughly half of which are in securitizations, […]

By multiple counts, the level of untapped home equity in the United States just keeps rising. A pair of reports released this month show that the recent trend continues unabated, with real estate analysis firm CoreLogic reporting a 13.3% year-over-year gain among all Americans with mortgaged homes and the National Reverse Mortgage Lenders Association finding […]

Less than a week before a deadline that would have forced current Consumer Financial Protection Bureau acting director Mick Mulvaney to leave his post, President Trump formally nominated a candidate to replace him. Kathy Kraninger, who has worked under Mulvaney at the White House Office of Management and Budget, is officially Trump’s pick to lead […]

At face value, it could seem like a small issue: A borrower might need to make a few minor repairs on a property in the weeks and months after securing a reverse mortgage to bring it up to the Department of Housing  and Urban Development’s standards. But improperly navigating the repair and approval process could […]

On the same day Reverse Mortgage Funding announced its new proprietary Equity Edge Reverse Mortgage, two more companies affirmed their commitment to building the private home equity conversion loan space. Longbridge Financial will introduce multiple private reverse mortgage products this year, CEO Chris Mayer announced Monday* at the National Reverse Mortgage Lenders Association’s eastern meeting […]

Last month in a mortgage webinar, a presenter stated that Home Equity Conversion Mortgage originators are the sole fault for “the gradual losses” in annual HECM endorsement production over the last eight years. The explanation was that HECM originators are generally older than forward mortgage originators and as a result have been gradually retiring over […]