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 […]
The outbreak of the COVID-19 coronavirus across the world has had a demonstrable effect on multiple facets of life, with financial markets reacting strongly while the federal government prepares a more robust response to support communities and businesses that have been affected by the virus’ spread. While at first glance the reverse mortgage industry may […]
Mahwah, N.J.-based reverse mortgage lender Longbridge Financial has announced a new addition to its fixed proprietary reverse mortgage product suite. “Platinum Ultimate” adds a new, higher loan-to-value (LTV) variation to the existing proprietary Platinum product line, maintaining many of the existing features of current Platinum products. The company also announced expanded availability of its recently-launched […]
Due in no small part to 2017’s reductions in principal limit factors (PLFs) as well as the institution of a collateral risk assessment sometimes requiring a second property appraisal, the reverse mortgage industry has been very active in seeking to find potential alternatives to the government-sponsored Home Equity Conversion Mortgage (HECM) program. One of the […]
The reverse mortgage industry as a whole has had to contend with a lot of structural changes in recent years, whether coming from the federal government in the form of mandated alterations to the Home Equity Conversion Mortgage (HECM) program, or just in terms of adapting to serve a wider swath of senior clientele who […]
Borrower inquiries related to proprietary reverse mortgage offerings appear to be steady in the early days of 2020 compared with their figures in late 2019, according to reverse mortgage counseling professionals. While steady for the moment, lenders and industry observers have noted increased levels of business activity that can be at least partially attributed to […]
Proprietary reverse mortgages are becoming increasingly prevalent in the modern home equity release industry, as evidenced by the amount of new products being created by lenders as well as the general optimism the industry is feeling as a direct result of those products’ larger place in the conversation. As proprietary reverse mortgage products become more […]
Mahwah, N.J.-based reverse mortgage lender Longbridge Financial announced the hiring of three new employees – two account executives and one partner support specialist – who will be working for the company’s wholesale lending division. Cesar Flores, a 10-year veteran of the reverse mortgage industry, joins Longbridge as a wholesale account executive. His experience has included […]
In spite of declined reverse mortgage endorsements observed in calendar year 2019, the reverse mortgage industry continues to feel general optimism for the trajectory of the business in the early days of 2020. Sources of general optimism include the increasing prevalence of proprietary reverse mortgage products, the signing of new financial legislation and a generally […]
Innovation in the reverse mortgage product space in both proprietary and Home Equity Conversion Mortgage (HECM) categories always stays on the minds of lenders. Lenders who have jumped into the proprietary space have been actively rolling out new additions to their product catalogs in hopes of standing out when compared with their competitors, but room […]
