There’s a great deal of responsibility that comes with being a leader in the reverse mortgage industry, but when someone recognizes the importance and impact of their work, that can make leadership in your industry both important and necessary. That impact is something that stays with Mike Kent, the president of Liberty Home Equity Solutions, […]
U.S. Department of Housing and Urban Development (HUD) Secretary Dr. Ben Carson and U.S. Attorney General William Barr signed an inter-agency memorandum of understanding (MOU) on Monday, setting “prudential guidance” on the appropriate use of the False Claims Act (FCA) for violations by Federal Housing Administration (FHA) lenders. The MOU between HUD and the Department […]
Days after confirming its exit from the reverse mortgage business, Maumee, Ohio-based Resolute Bank has permanently ceased operating and its remaining customers have been migrated to another nearby banking organization. An official statement of closure stands in place of the bank’s former website, referring existing customers to relevant information on the closure and any pre-existing […]
The long arm of changes to principal limit factors (PLFs) for Home Equity Conversion Mortgages (HECMs) continue to be felt over two years after they were first handed down by the U.S. Department of Housing and Urban Development (HUD). This has resulted in a number of mortgage lenders ceasing their reverse originations entirely in 2019. […]
The reverse mortgage market landscape in the state of New York is poised to grow once more, this time with the more direct entry of Longbridge Financial. The lender recently gained approval for its mortgage banker license from the New York Department of Financial Services to originate Home Equity Conversion Mortgages (HECMs) in the state, […]
Reverse Mortgage Funding (RMF) is now licensed to originate Home Equity Conversion Mortgages (HECMs) in the state of New York to homeowners and homebuyers, and will offer the loans through both its retail and wholesale channels. The addition of the lender’s New York license brings its total origination footprint into 49 states and the District […]
Maumee, Ohio-based Resolute Bank has ceased originating Home Equity Conversion Mortgage (HECM) loans, RMD has learned. A company representative confirmed by phone that Resolute stopped offering reverse mortgages within the last month. Resolute Bank President Kevin Rahe told RMD that the exit had very little to do with reverse mortgage-specific issues such as changes made […]
The reverse mortgage industry has struggled with adapting to changes made to the Home Equity Conversion Mortgage (HECM) program handed down by FHA two years ago. In 2019, the industry recorded a 32.3% loss in volume for the period of January-July compared with the same period the prior year. As a result, finding standout success […]
Despite some reverse mortgage stakeholders believing the HECM for Purchase loan would be looked at as a “sleeping giant” for the industry, loan counts have represented a plateau for the product at around 7% of volume. Many see the product’s potential, and have touted it across the country to Realtors and other real estate partners, […]
Transitioning into a new career that appears to have a lot of complexity can be one of the most difficult challenges anyone can face, but having a predisposition toward relating information and complex ideas to people can be a big help in making such a move. That’s what happened to Kathy Muni, senior vice president […]
