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 […]

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 […]