Second appraisals on Home Equity Conversion Mortgage (HECM) transactions under the recently-extended collateral risk assessment (CRA) rule are largely unchanged from figures shared earlier in the year, though have appeared to tick slightly downward. This is according to data from a valuation professional and the National Reverse Mortgage Lenders Association (NRMLA). “The latest data indicates […]
After American Advisors Group (AAG) released its latest television commercials in July and August, respectively, the reverse mortgage industry was buzzing with activity. After sharing the July Home Equity Conversion Mortgage (HECM)-focused ad on social media, originators, brokers, counselors and more seemed to see actor Tom Selleck not just as a spokesman for AAG, but […]
Late last week, the United States Department of the Treasury under the direction of President Donald J. Trump unveiled a new series of proposals aimed at improving the nation’s housing finance system, including a number of proposed changes to the Home Equity Conversion Mortgage (HECM) program. While the housing industry largely applauded the proposed changes, […]
The current reverse mortgage rate environment may not completely eliminate the impact of October 2017’s notorious changes to principal limit factors (PLFs), but it is certainly diminishing them, says a prominent reverse mortgage educator. After sharing with RMD a favorable change in reverse mortgage rates at the beginning of the summer, things have only managed […]
If you talk to any reverse mortgage originator, chances are that you’ll be told about the more educational and consultative approach that’s often required in the course of their work. Because of the way a relationship is developed between originators and borrowers in the reverse mortgage business, loan officers are often in a unique position […]
The reverse mortgage market has long awaited the return of private products to a HECM-heavy market. Now that several products are making inroads across the lending landscape, a question arises concerning what constitutes the right balance of HECM and proprietary loans. There’s no shortage of originators who would like to see a viable private alternative […]
Last August, the Mid-Atlantic region of the country outpaced all other regions in loan originations with a 28.2 percent increase in growth over the previous month, according to Reverse Market Insight. But have originators throughout the area continued to build on that momentum? Regional Stats: Total Mid-Atlantic Population: 57.3 million (U.S. Census)Senior Population (Ages 65 […]
As proprietary products gain appeal among prospective reverse mortgage borrowers, some companies are confronted with a new conundrum: prospects who qualify for both jumbo and Home Equity Conversion Mortgage (HECM) options. “California has a lot of borrowers with homes valued between $700,000 to $800,000,” says Christina Harmes, assistant manager of the C2 Reverse division of […]
In areas of the United States that have a prevalence of highly valued properties, jumbo proprietary reverse mortgages are increasingly becoming attractive options for lenders as the larger reverse mortgage industry observes generally reduced volume of government-insured Home Equity Conversion Mortgages (HECMs). For those companies that are active in both the jumbo proprietary business and […]
