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 […]

Preventing Common Hangups at the Reverse Mortgage Closing Table

The reverse mortgage closing is a highly anticipated event both for borrowers and for originators. At this point, after weeks or sometimes months of education and working through the application, the reverse mortgage is finally close to fruition. Yet there can be roadblocks even at this late stage in the process. And with reverse mortgage […]

Carson: Reverse Mortgage Changes Have Helped Fight ‘Disaster’ in Program

Recent changes to the reverse mortgage program are helping to ease the strain on the Mutual Mortgage Insurance Fund, Department of Housing and Urban Development Secretary Ben Carson told Congress on Tuesday. “I think it has largely stemmed the tide in terms of the disaster that was occurring there,” Carson said during testimony before the […]

NRMLA Launches Reverse Mortgage Toolkits For Realtors, Builders

The National Reverse Mortgage Lenders Association is making new guides available for real estate agents and homebuilders that will help those professionals introduce reverse mortgages to their older clients.  The initiative rolled out last week to include two toolkits — one geared toward Realtors and the other specifically for homebuilders. Both detail the Home Equity Conversion […]