Through a new rule announced Wednesday, the Federal Housing Administration (FHA) is making it easier for condo owners to get reverse mortgages and other FHA financing. The FHA published a final regulation and policy implementation guidance this week establishing a new process for condominium approvals, effective October 15, which will expand FHA financing for qualified […]
Last week, the Federal Reserve announced that it would be cutting interest rates for the first time since the onset of the 2008 financial crisis. The move was made in an effort to preserve the growth currently observed in the United States economy. The full effect of the rate cut is still to be determined, […]
As the barrier between the origination of forward and reverse mortgages continues to erode, charting the course of a forward loan officer into the reverse business highlights many of the ongoing difficulties for those moving into a similar, yet very different kind of business. Forward loan officers may bring misconceptions as they enter reverse mortgages, […]
There’s a shift under way toward more originators offering both reverse mortgage and forward mortgage products. Yet a complicating factor in this transition out of forward mortgages is the fact that the two industries use different terms to discuss similar concepts. This is a complicating factor identified by Michael Banner, president of Professional Mortgage Alliance, […]
On the heels of the lowest annual reverse mortgage volume recorded since 2005, originators say that based on January business activity, they are sensing an upswing is under way. Despite not having accurate data due to the longest partial government shutdown in American history, reverse mortgage originators across the country noted increased activity in their […]
Last week, the Federal Housing Administration (FHA) issued a new mortgagee letter implementing policy guidance on practices concerning the use of Third Party Verification (TPV) services as an alternative for authenticating employment, income or assets of potential borrowers. The letter applies to all FHA Title II traditional and reverse mortgages. FHA details that the new […]
The emergence of new, proprietary offerings in the reverse mortgage market has been seen by originators and business observers as a general boon to the larger industry. Certain firms recently shared with RMD that, in the case of proprietary “jumbo” loans that are outside the purview of Federal Housing Administration (FHA) oversight, they’ve seen a […]
Reverse mortgage firms have had to find new ways to adapt to the realities of business, particularly in the wake of highly influential changes to principal limit factors (PLFs) handed down by the Department of Housing and Urban Development (HUD) in October of 2017. While some are focused more squarely on innovating ways to conduct […]
The partial shutdown of the United States federal government that is currently in effect has become the longest one in history, ending its 31st consecutive day on Monday and having widespread ramifications for over 800,000 federal workers and dozens of federal agencies. While direct ramifications to the production of reverse mortgage business have been minimal […]
San Diego, Calif.-based reverse mortgage broker iReverse Home Loans Corporation has been acquired by longtime mortgage producer and manager Michael A. Mazursky, according to a press release from the company distributed on Monday. Terms of the acquisition deal were not publicly disclosed. “Mr. Mazursky has a proven eighteen-year track record in the mortgage industry and […]
