Judge: Contract Trumps Banker’s Bad Reverse Mortgage Advice

A federal judge in Massachusetts this week ruled that bad advice from a banker doesn’t prevent a non-borrower from facing foreclosure after the death of a reverse mortgage holder. Back in 2009, a Bank of America employee told John Consolo that if his mother took out a reverse mortgage on her Boston home, he could continue […]

Record-Smashing HREMIC Issuance Tops $9.5 Billion in 2015

Total HREMIC issuance topped $9.5 billion in 2015, easily shattering the previous full-year record of $6 billion in 2012, according to the latest commentary from New View Advisors. Even before 2015 concluded, HREMIC issuance was already trending well-ahead of the previous year’s $5 billion total, reaching $6.5 billion through the first nine months of the year. In […]

Counseling Alternative, Will Big Banks Return to Reverse Mortgage Lending?

Reverse Focus Weekly Podcast Episode #373 Will large banks like MetLife (NYSE: MET), Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) return to reverse mortgage lending? Shannon Hicks weighs this question in this week’s Reverse Focus podcast. While this possibility remains to be seen, however, economic and lending conditions couldn’t be better for […]

HREMIC Issuance Poised to ‘Smash’ Record $6 Billion Year

At $4.27 billion for the first six months of 2015, HREMIC issuance is already at 85% of 2014’s full-year issuance of $5.05 billion, and is expected to surpass 2012’s record $6 billion of issuance, according to the latest Ginnie Mae data compiled by New View Advisors.  Fifteen transactions underwritten by three sponsors — Nomura, Bank […]

Consumer Satisfaction Rebounds for Big, Midsize Banks

Overall banking satisfaction among small businesses bounced back in the last year, with large and midsize banks showing the strongest improvements, according to the J.D. Power 2014 U.S. Small Business Banking Satisfaction Study.   Now in its ninth year, the study measures small business customer satisfaction with the overall banking experience by examining eight factors such […]

Nevada Case Positions Mortgage Lenders Against Investors

In a court decision that has rattled the mortgage industry, the Nevada Supreme Court contends that homeowners associations (HOAs) have the power to foreclose on homes to recoup delinquent payments — while effectively wiping away entire mortgages, The Wall Street Journal reports.  Many of these foreclosed homes are sold to investors for only a few […]

Mortgage Business Expanding as HELOC Volume Nets 5-Year High

Lenders have increased their origination of home equity lines of credit (HELOCs) by 21%, surging to a five-year high in loan volume, Bloomberg reports in a recent article.  In the 12 months ending in June, the total number of HELOCs given in the period amounted to 797,865, the highest level since 2009. Bank of America Corp. […]

HUD: Bank of America $17 Billion Settlement to Strengthen FHA Fund

One agency stands to benefit considerably from the record $16.65 billion settlement reached Thursday between Bank of America (NYSE: BAC) and the U.S. Department of Justice—the Federal Housing Administration (FHA), according to one top official with the Department of Housing and Urban Development (HUD). Under the terms of the settlement, Bank of America will pay […]