New York Attorney General Files Suit Against Ditech, Investigates RMS

Following recent resistance from Bank of America on a deal to sell Reverse Mortgage Solutions, RMS parent company Ditech Holding Corp. is now being sued by New York’s Attorney General in an effort to stop the sale. Her office calls the proposed sale an “attempted end-run around statutory protections for homeowners,” which includes reverse mortgage […]

Forbes: FINRA’s Evolution on Reverse Mortgages

The Financial Industry Regulatory Authority (FINRA) describes its stance on reverse mortgages in a report titled, “Reverse Mortgages: Avoiding a Reversal of Fortune.” While that title has negative connotations, it doesn’t explain that the contents of the report have evolved over the past several years, even if its title may not have. This is according […]

New Program Takes Aim at Delinquent Tax, Insurance Payments for Reverse Mortgage Borrowers

A Washington, D.C. organization is making strides toward helping reverse mortgage borrowers facing foreclosure risk with a new solution available to area loan holders. The Reverse Mortgage Insurance & Tax Payment Program (ReMIT), launched this week by the District of Columbia Housing Finance Agency (DCHFA), is a $500,000 fund that will provide up to $25,000 […]

CFPB Exam Points to Potential Reverse Mortgage Servicing Problems

The Consumer Financial Protection Bureau (CFPB) released the 18th edition of its Supervisory Highlights on Tuesday, which includes examinations of reverse mortgage loan and manufactured home loan servicers. CFPB examinations yielded information concerning activities which either appeared to result in deceptive practices or resulted in violations of Federal consumer financial laws. The document also includes […]

CFPB Curbs Major Payday Lending Rule

The Consumer Financial Protection Bureau (CFPB) today announced that it will not consider implementing an Obama-era rule proposal limiting the activity of “Payday, Vehicle Title, and Certain High-Cost Installment Loans,” which will allow small-dollar lending businesses to operate with reduced scrutiny from the federal government. “Specifically, the Bureau is proposing to rescind the rule’s requirements […]

Social Security Program Changes, Effects on Reverse Mortgage Borrowers

This year, the Social Security program will be seeing its largest cost of living adjustment (COLA) in seven years, with beneficiaries receiving an additional 2.8 percent to their benefit payout. The result of the COLA for the average individual retired Social Security beneficiary is expected to be a monthly benefit jump from $1,422 to $1,461, […]

HUD Touts 2018 Accomplishments in Housing, HECM Program

The Department of Housing and Urban Development (HUD) released a list of its accomplishments in 2018, highlighting a series of decisions and results that include those relating to the Mutual Mortgage Insurance (MMI) fund and the Home Equity Conversion Mortgage (HECM) program. The document released by HUD credits the leadership of department secretary Ben Carson, […]

A Deeper Look into Canadian Reverse Mortgage Growth

Demand for reverse mortgages in Canada continues to grow, presenting a stark contrast to the declining volume exhibited in the American reverse mortgage market. On top of specific product differences in the Canadian product, there’s also a different business climate over the northern border that accounts for some of the differences between the two nations’ […]

Government Shutdown’s Reverse Mortgage Impact, Big and Small

The partial shutdown of the United States federal government that is currently in effect has become the longest one in history, ending its 31st consecutive day on Monday and having widespread ramifications for over 800,000 federal workers and dozens of federal agencies. While direct ramifications to the production of reverse mortgage business have been minimal […]