Two members of the United States House of Representatives who were each spearheading the creation of new reverse mortgage-centric legislation will not be returning to Capitol Hill in 2021, throwing the future of the proposed laws they each spearheaded into flux. This is based on the results of Tuesday night’s primary elections in the states […]
As the COVID-19 pandemic has created additional strain on the American financial system in addition to driving millions of working people out of employment, the Consumer Financial Protection Bureau (CFPB) has failed to adequately respond to the needs of working Americans at a time in which assistance is sorely needed. This was the contention that […]
Similarly to other companies across the reverse mortgage industry, the reverse division of Fairway Independent Mortgage Corporation has seen a noticeable rise in its volume since the onset of the COVID-19 coronavirus pandemic. That’s far from the only difference noted in the business during this unique time by Harlan Accola, Fairway’s national reverse mortgage director […]
A legislator in Montgomery County, New York recommended confronting an issue of lost tax revenue and foreclosure through the use of a little-used instrument: a reverse mortgage. During a meeting of the committees of the Montgomery County Legislature which took place on July 21, legislators discussed that the county recorded as much as $1.5 million […]
A former reverse mortgage executive and consultant has responded to civil charges of fraud levied by her former employer, saying they have “no basis” and that the executive was dropped by the company after the acquisition of a reverse mortgage servicer. This is according to court filings obtained by RMD. In the civil suit, filed […]
Bloomfield, N.J.-based lender Reverse Mortgage Funding, LLC (RMF) has introduced a new creative advertising campaign designed to feature testimonials from real customers espousing the benefits of their reverse mortgage loans. The campaign, called “In Their Words,” aims to offer a frank and informed thoughts on reverse mortgage benefits from the perspectives of the borrowers themselves, […]
As proprietary reverse mortgage products have emerged as an increasingly dominant player in the broader reverse mortgage industry, determining what common attributes are shared by a group of borrowers who decide to go the proprietary route becomes essential so that lenders can best tailor their proprietary offerings to meet the needs of their clients. The […]
Southfield, Michigan-based 1st Nations Reverse Mortgage announced this week that the company has hired industry veteran Ken Krajewski as head of reverse mortgage lending. The company, which offers reverse mortgages through both wholesale and retail channels is a division of Midwest Loan Solutions. “The addition of passionate and highly qualified reverse mortgage specialists to their […]
Reverse mortgage endorsement volume for April as reported by the Department of Housing and Urban Development earlier this week indicated a month-over-month decline of roughly 45% — to just over 1,600 loans. But the numbers aren’t reflective of what’s happening in the market, several industry sources have shared with RMD, particularly at a time when […]
During a time when some lenders have scaled back their participation in the proprietary reverse mortgage landscape due to market volatility, one lender announced this week it is expanding its offerings. San Diego-based Plaza Home Mortgage, predominantly a wholesaler lender is expanding its Reverse Jumbo mortgage program to 11 states and will now be offering […]
