Senior Home Equity Reaches All-Time High at $6.97 Trillion

Senior homeowners saw an increase in their housing wealth of 1.4 percent between Q2 and Q3 2018. This, according to the National Reverse Mortgage Lenders Association’s quarterly release of the NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) on Tuesday. The 1.4 percent increase results in a gain of $97 billion to senior home wealth over the […]

NRMLA Co-Chair Scott Norman Talks 2019 Priorities for Reverse Mortgages

When the Board of Directors of the National Reverse Mortgage Lenders Association (NRMLA) elected Finance of America Reverse executive Scott Norman as one of their co-chairs, the organization further solidified its confidence in one of the reverse mortgage industry’s biggest and longest-serving advocates. RMD spoke with Norman about his recent ascension to the role of […]

NRMLA Board Elects Jahangiri, Norman as Co-Chairs

The Board of Directors for the National Reverse Mortgage Lenders Association (NRMLA) has elected its co-chairs to serve from now until the next Annual Meeting, scheduled to take place from November 18th-20th, 2019. Reza Jahangiri of American Advisors Group (AAG) and Scott Norman of Finance of America Reverse (FAR) were unanimously elected. Jahangiri is the […]

NRMLA Introduces New Board, Plans for Reverse Mortgage Advocacy

The National Reverse Mortgage Lenders Association welcomed new board members during its recent annual meeting in late October, and bid farewell to several long standing board members who are leaving their posts. Leadership also pointed to some of the work NRMLA has done over the last year, and continues to approach in the coming months. […]

FHA Commissioner States Commitment to HECM, But Concerns Remain

The Home Equity Conversion Mortgage product remains a priority for the Federal Housing Administration, which is continuing to examine both originations and back-end processes in order to ensure the program is self-sustaining, according to statements delivered by Federal Housing Administration Commissioner Brian Montgomery during the National Reverse Mortgage Lenders Association annual conference in San Diego […]

FHA Commissioner Montgomery to Deliver NRMLA Keynote Address

Federal Housing Administration commissioner Brian Montgomery will serve as the keynote speaker at the National Reverse Mortgage Lenders Association’s 2018 Annual Meeting and Expo later this month, NRMLA has announced. The meeting will take place October 28-30 in San Diego, and NRMLA expects between 450 and 500 attendees. Montgomery is scheduled to address attendees at 9:30 a.m. on […]

NRMLA Leaders Support New Reverse Mortgage Appraisal Rules

In a message to its members Tuesday, the National Reverse Mortgage Lenders Association’s co-chairs reiterated the trade group’s support of the latest changes to the Home Equity Conversion Mortgage appraisal process — a shift designed to stop losses to the Mutual Mortgage Insurance fund. Written by leaders Joseph DeMarkey, the strategic business development leader of […]

Senior Home Equity Hits $6.9 Trillion, Signifies Biggest Chunk of Wealth

Senior home equity is continuing its upward march, with housing wealth reaching $6.9 trillion in the second quarter of 2018. Equity for homeowners 62 and older grew $130 billion over the first quarter of 2018, according to the most recent figure from the National Reverse Mortgage Lenders Association/RiskSpan Reverse Mortgage Market Index. Reaching a new […]

LendingTree Explores ‘Smart and Safe’ Uses for Reverse Mortgages

Online mortgage broker LendingTree took a deep dive into reverse mortgages this week, touting the potential benefits of the products but also describing Home Equity Conversion Mortgages as a “last resort.” The company quoted both industry leaders — including National Reverse Mortgage Lenders Association executive vice president Steve Irwin and American College of Financial Services […]

Reverse Mortgage Players Suggest Back-End Fixes to FHA’s Systems

Earlier this month, new Federal Housing Administration commissioner Brian Montgomery laid the blame for troubles in the reverse mortgage industry on back-end issues at his own department. The new commissioner, confirmed in May, inherited a Home Equity Conversion Mortgage program that caused a $14.5 billion drag on the Mutual Mortgage Insurance Fund (MMIF), according to […]