It’s likely fair to say that compared with the outlook one year ago, as we were anticipating the arrival of 2020 in the waning days of the prior year, things generally worked out quite a lot differently than people were expecting. 2020 brought with it an enormous set of challenges for people all over the […]
The Board of Directors for the National Reverse Mortgage Lenders Association (NRMLA) has elected its co-chairs to serve in the 2020-2021 term. Scott Norman of Finance of America Reverse (FAR) and Mike Kent of Liberty Reverse Mortgage were unanimously elected. Norman was first elected to NRMLA’s board in 2012, and serves as FAR’s VP of […]
As the timeline for the London Interbank Offered Rate (LIBOR) index’s service as the basis for adjustable-rate reverse mortgages has been considerably shortened after a decision last month by the Government National Mortgage Association (GNMA, or “Ginnie Mae”), the reverse mortgage industry has found itself needing to quickly adapt to the adoption of a new […]
A class action lawsuit filed in the Eastern District Court of New York in October of 2018 against reverse mortgage companies Live Well Financial, Reverse Mortgage Funding (RMF) and Compu-Link Corporation (Celink) has been dismissed indefinitely, though the plaintiff has the option to refile against one of the companies after its own legal woes have […]
Reverse mortgage servicing has seen a lot of guidance coming down from the federal government recently due to the ongoing effects of the COVID-19 coronavirus pandemic. Because of this, servicing professionals answered a series of questions related to concerns that loan originators might have about servicing during the current national emergency, answering them in a […]
An increase in reverse mortgage draw activity by borrowers in March is illustrative of the reliability of drawing on home equity in times of crisis, while also carrying implications for how reverse mortgage products may be perceived on the other side of the COVID-19 coronavirus pandemic. This is according to two financial professionals, based on […]
Last week, President Donald Trump announced that the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) would be suspending all new and pending foreclosure and eviction actions for 60 days, in an effort to provide relief to homeowners and renters who have been financially impacted by the spread […]
In the wake of the arrest of former reverse mortgage executive Michael Hild, the ongoing saga related to the forced Chapter 7 bankruptcy of his former reverse mortgage company Live Well Financial has continued. One of the company’s former financiers is now gaining access to over half of what it is owed by Live Well. […]
Lansing, Mich.-based reverse mortgage subservicer Celink has announced plans to appoint Robert Sivori as the company’s new chairman and Chief Executive Officer (CEO). Sivori will succeed Jason McNamara, who will serve on the board of Celink’s new parent company. Sivori, an industry veteran with more than 25 years of experience in the forward and reverse […]
