New York Governor Vetoes Reverse Mortgage Co-op Bill

A bill that was passed in both houses of the New York State Assembly which would have authorized reverse mortgage cooperative apartment unit loans for the state’s senior population, while also providing additional consumer protections, was vetoed by the state’s governor shortly before the start of the holidays. New York State Senate Bill S03686, which […]

Former HUD Secretary Drops Out of Presidential Race, Endorses Warren

Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro has ended his bid for the Democratic Party’s nomination for President of the United States in the 2020 general election, and in a matter of days has made an endorsement in the race for one of his former opponents. “I’ve determined that […]

New York Governor Signs Sweeping Reverse Mortgage Bill Into Law

A reverse mortgage bill aiming to change the way industry professionals do business in the state of New York was signed into law on Friday by Governor Andrew Cuomo, RMD has learned. This has codified the bill into New York state law, and Governor Cuomo’s office confirmed to RMD that he had signed it. Assembly […]

11 States Join Supreme Court Challenge to CFPB’s Core Structure

A coalition of 11 state attorneys general have joined a complaint challenging the core structure of the Consumer Financial Protection Bureau (CFPB), arguing that its leadership structure is unconstitutional. This is according to a brief filed with the United States Supreme Court which was obtained by RMD. The coalition of states – Texas, Arkansas, Indiana, […]

Top 10 Reverse Mortgage Lenders Reshuffle in 2019

While the reverse mortgage industry has seen its share of change, the top-10 lenders by volume has remained relatively unchanged over the last year. Yet the lender rankings within the top 10 have shifted, to present a top-10 in October 2019 that looks different in some ways from the same tabulation a year earlier. RankCompany […]

ReverseVision Launches New Strategy, Major Brand Refresh

Reverse mortgage technology platform ReverseVision announced Wednesday it is launching several major platform updates as part of a brand transformation and refresh that will expand product offerings and will position the company as a comprehensive service for mortgage industry players. The San Diego-based company, which has long served the reverse mortgage industry with its loan […]

FHA Extends HECM Second Appraisal Rule, Expands Non-Borrowing Spouse Protections

The Federal Housing Administration (FHA) announced Monday that it will continue its Home Equity Conversion Mortgage (HECM) collateral risk assessment requirements announced in 2018, and will relax requirements for some non-borrowing spouses to defer repayment of reverse mortgage loans. The agency relayed the changes in two separate mortgagee letters issued Monday, both being effective immediately. […]

CNBC: Average FICO Credit Score Reaches All-Time High

After reaching an all-time low of 686 in in late 2009, the average national credit score has reached 706 for the first time ever. This is according to FICO, the developer of one of the most commonly used scores, and based on original reporting by CNBC. Typically ranging from a low of 300 to a […]

Rising Senior Debt Levels are Concerning Researchers

While more seniors today are embracing more active lifestyles and generally working longer, academics conducting research into the lives of modern older Americans are also recording an increasing trend in seniors’ embrace of debt, which has both financial consequences while also raising mental health concerns. “The median total consumer debt of households headed by someone […]