17% of Appraisals Don’t Match Sales Price

More than 17% of home appraisals report a value less than the contract price, a trend that could indicate home values have stabilized or appraisers are being more cautious when valuing properties today. This conclusion was drawn by Platinum Data Solutions, a provider of collateral valuation and risk assessment technologies, which analyzed data collected from […]

Friday Round-Up: National Publicity Grows for Reverse Mortgages

In case you missed it, here’s what happened in reverse mortgage news this week: Analyst: Market Poised for 15% Drop in Home Values—As the housing market continues to recover from the 2008 downturn there may be some pitfalls in the years to come, said former Goldman Sachs executive Joshua Pollard. In an 18-page report to sent […]

Federal Savings Bank Partnership Expands Illinois Reverse Mortgage Reach

More customers in Chicago’s western suburbs will have access to specialized loan programs such as reverse mortgages as a result of a new partnership between The Federal Savings Bank (TFSB) and West Suburban Bank (WSB). The partnership, announced Monday by The Federal Savings Bank, will enable the company to provide mortgage banking and home loan […]

Ellington Financial Invests in Longbridge for Reverse Mortgage Growth

A mainstream mortgage investor is committing its support for the reverse mortgage space through a minority investment in originator Longbridge Financial, LLC. Ellington Financial LLC (NYSE: EFC) committed an investment in the Mahwah, N.J.-based Longbridge, a retail reverse mortgage loan originator launched in 2012. The details of the investment were not disclosed. Ellington Financial, based in […]

Friday Round-Up: New Reverse Mortgage Targets High-Value Borrowers

In case you missed it, here’s what happened in reverse mortgage news this week: Urban Launches New Private HomeSafe Reverse Mortgage—The new, fixed-rate reverse mortgage proprietary product will cater to borrowers who have high volumes, with a maximum loan amount just north of $2 million. Available to borrowers beginning in September, Urban plans to roll out […]

MBA’s Stevens: Why Banks Avoid Some Borrowers

Mortgage Bankers Association (MBA) Chief Executive David H. Stevens recently went on the record about how some lenders are barring access to mortgages for certain borrowers, in a recent interview with The Washington Post. Access to credit is running at roughly one quarter of the pre-housing bubble rate of 2004, MBA says. “Lenders are applying […]

CFPB Issues $19 Million Penalty for ‘Bait and Switch’ Mortgage Scheme

The Consumer Financial Protection Bureau (CFPB) has ordered Amerisave Mortgage Corporation and its affiliate Novo Appraisal Management Company to pay $19.3 million for allegedly engaging in a deceptive “bait and switch” mortgage lending scheme that harmed tens of thousands of consumers, the bureau says. In its allegation, CFPB says Atlanta-based online mortgage lender Amerisave lured consumers […]

Friday Round-Up: New Reverse Mortgage Rules Create Catch-22 in Texas

In case you missed it, here’s what happened in reverse mortgage news this week: New Research Sheds Light on Reverse Mortgage Default Prevention—Through a study funded in partnership with HUD and counseling agency CredAbility, Ohio State University researchers found there are certain relationships between a borrower characteristics and the likelihood of default. Denver Post: Reverse Mortgage […]

Jobs Now Open for Reverse Mortgage Specialists, Loan Officers and More

Reverse mortgage lenders nationwide are continuing to seek top talent to fill key roles as they expand their reach in the reverse mortgage sector. Reverse mortgage lenders including Generation Mortgage Company, ReverseVision, Nationwide Equities and Yadkin Bank are seeking loan originators, sales executives, processors and more. Click the following opportunities that are now open to find out […]

CFPB Rules Place Drag on Mortgage Lending Nationwide

Recent regulation enacted by the Consumer Financial Protection Bureau (CFPB) has reduced approval rates on applications for some types of loans and mortgages, according to the Federal Reserve Board’s latest opinion survey on bank lending practices.  While a small fraction of large banks indicated in the survey that the Ability-to-Repay and Qualified Mortgage Standards under […]