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 […]

Connecticut lawmakers this week advanced a bill that would introduce new requirements for reverse mortgage lenders in the state. The state senate on Tuesday unanimously passed S.B. 150, which would prevent lenders from accepting applications for Home Equity Conversion Mortgages unless they clearly explained the pre-loan counseling requirements, provided a list of Department of Housing […]

The post-October 2 hangover is here. Originators of Home Equity Conversion Mortgages — including both Federal Housing Administration-approved lenders and their non-approved counterparts — suffered a decline of 17.6% in February, according to the most recent set of numbers from Reverse Market Insight. That’s a major shift from January, which saw the effects of the […]

Wells Fargo (NYSE: WFC) must pay a $1 billion fine related to its auto loan and rate-lock programs, the Consumer Financial Protection Bureau announced late last week. The whopping penalty comes as the CFPB has generally relaxed its enforcement actions under the Trump administration and new acting director Mick Mulvaney, and received support from both […]

Ocwen Financial Corporation (NYSE: OCN) president and CEO Ron Faris will retire at the end of June, the financial services corporation announced Thursday. Glen Messina, former president and CEO of PHH Corp. (NYSE: PHH) — which Ocwen acquired earlier this year — will step into the top spot. “As president and CEO, Ron guided Ocwen […]

Ditech Holding Corp., the parent company of Reverse Mortgage Solutions, announced Wednesday it has appointed board chairman Thomas F. Marano as CEO and president of the company, effective immediately. Marano replaces interim CEO and president Jeffrey Baker, who will continue to serve as president of RMS.  “We are pleased to appoint an executive of Tom’s […]

Recent changes to the reverse mortgage program have many lamenting the fact that fewer people will now qualify. And while a decline in profitability isn’t exactly a win for the industry, there are some who have found a silver lining inside their shrinking wallets. A number of industry professionals assert that even though the adjustment […]