The United States Department of Justice (DOJ) announced this week that it has settled with Finance of America Reverse (FAR) to resolve allegations that FAR’s predecessor entity – Urban Financial Group – violated the False Claims Act (FCA) by knowingly originating and underwriting Home Equity Conversion Mortgage (HECM) loans insured by the Federal Housing Administration […]
Finance of America Reverse (FAR) announced Thursday that it is entering into a new, exclusive partnership with widespread mortgage marketing platform Total Expert to provide third-party originators access to a dedicated platform aimed at improving originators’ reverse mortgage marketing expertise. The company is also launching Xcelerate, a new online portal of educational resources and sales […]
The reverse mortgage industry is taking a series of major steps in order to prepare for the full impact of the coronavirus pandemic, mobilizing working groups, changing or amending company policies to encourage social distancing with borrowers and employees, and seeking new regulatory relief in order to ensure that continuity of business is maintained for […]
Reverse mortgage lenders who have approval to generate reverse mortgages in the state of New York have largely paused their application processes for new loans within the state, RMD has learned, which has been confirmed by multiple lenders. This is in response to sweeping new regulations that have recently gone into effect there, according to […]
While reverse mortgage products have always had reputational hurdles to overcome, one of the oft-repeated ways that product educators and industry professionals have cited in an attempt to appeal to financial planners is by using a reverse mortgage – Home Equity Conversion Mortgage (HECM) or otherwise – to avoid sequence of returns risk. That way, […]
As the world continues to react to the widening spread of the COVID-19 coronavirus, the global economy has so far reacted strongly to the increasing possibility of social disruption that has been brought about by preventive measures being put into place by nations, communities and companies around the world to further contain the virus’ spread. […]
This week, the Federal Reserve took an extraordinary step to contain the economic impact of the global coronavirus outbreak by slashing interest rates in the biggest single rate cut the central bank has ever made. It makes for the biggest one-time cut — half a percentage point — and the bank’s first emergency rate move […]
The mission of reverse mortgage product education is one of the proverbial “front lines” of the industry, since all stakeholders maintain a vested interest in countering the often intense and persistent negative product perceptions that permeate consumers’ understanding of what a reverse mortgage is. One of the ways that can be beneficial in combating the […]
These days, it’s not very common for the topic of reverse mortgages to appear as the center of a news story in your local newspaper, and even newspapers themselves are not as prominent as they used to be. Back when tapping into your home’s equity by using one of these products was a new concept, […]
Home Equity Conversion Mortgage (HECM) endorsements decreased by 13.6% to 3,386 loans for the month of February 2020, a slight dip compared to the prior month, which recorded the highest endorsement levels since February 2019. The majority of the top 10 lenders recorded endorsement decreases, while 7 of 10 tracked regions were down, as well. […]
