NRMLA Comments: CFPB “Guidance” Should Not be Treated as Rule

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 […]

Why the Time is Right for New Private Reverse Mortgages

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, […]

According to Multiple Metrics, Home Equity Levels Keep Rising

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 […]

Trump Taps Kraninger to Replace Mulvaney at CFPB

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 […]

Servicers Offer Tips on Handling Reverse Mortgage Repair Requirements

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 […]

Wave of New Private Reverse Mortgages to Hit This Summer

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 […]

Webinar Gives Answers to Consumer Questions on Reverse Mortgages

Reverse mortgages may be getting a positive reception in press outlets and the financial planning community, but there are still some myths and questions that remain among prospective borrowers. A webinar panel hosted by the National Reverse Mortgage Lenders Association and Next Avenue — an information outlet for individuals 55 and over — aimed to […]

NRMLA to Include Consumer Focus in Reverse Mortgage Education Week

The National Reverse Mortgage Lenders Association will host a pair of consumer-focused webinars as part of its annual education outreach, including a session focused on paying for in-home care. The Washington, D.C.-based industry trade group will team up with Next Avenue, PBS’s senior-focused news website, to host a Q&A on home equity and aging in […]

Managing the New Online Reverse Mortgage Advertising Landscape

While word of mouth is often touted as the best source of reverse mortgage business, originators large and small agree that advertising is also a necessity — particularly among a target demographic that is increasingly consuming information online.  But as the number of consumers getting financial product information online increases, so too does the scrutiny […]

Seniors’ Home Equity Grows by $149B in Fourth Quarter

Senior home equity levels continued to climb in the final quarter of 2017, ballooning to $6.6 trillion. Homeowners aged 62 and older saw their home equity rise by $149 billion between the third and fourth quarters of last year, according to the most recent Reverse Mortgage Market Index (RMMI) report. The index, calculated by the […]