Senate Banking Committee Advances Biden’s HUD Nominee for Confirmation, NRMLA Expresses Support

The U.S. Senate Committee on Banking, Housing and Urban Affairs has advanced the nomination of Rep. Marcia L. Fudge (D-Ohio) — President Joe Biden’s nominee to become the next Secretary of the U.S. Department of Housing and Urban Development (HUD) — to the full Senate for confirmation. This is according to reporting at Cleveland.com and […]

HUD Issues Waivers Relaxing In-person Requirements Between Reverse Mortgage Borrowers, Servicers

In a move designed to facilitate easier physical distancing between people as the COVID-19 pandemic continues, the U.S. Department of Housing and Urban Development (HUD) today issued a series of waivers relaxing provisions which normally require in-person contact between mortgage servicers and borrowers, including seniors with Federal Housing Administration (FHA)-insured Home Equity Conversion (HECM) reverse […]

Global Home Equity Release Faces Familiar Challenges to U.S. Reverse Mortgage Business

Multinational professional services network Ernst & Young (EY) and the European Pensions and Property Asset Release Group (EPPARG) have published a new report featuring survey insights from several nations across the world which participated in an event called the 2020 Global Equity Release Roundtable, which took place in late 2020 emanating from London, England. The […]

ARRC Chair: End of LIBOR Requires ‘Urgent’ Preparation in U.S.

The end of the London Interbank Offered Rate (LIBOR) index, slated for the end of this year, requires urgent action and collaboration between the public and private sectors. Though LIBOR has previously been described by financial analysts as “the world’s most important number,” there is some limitation to its reach. That does not diminish the […]

Senior Housing Wealth Reaches New Milestone of $7.82 Trillion

Homeowners aged 62 and older saw their collective housing wealth increase in Q3 2020 by 1.6% compared to the previous quarter. This constitutes an increase of approximately $121 billion to a record of $7.82 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. The […]

LIBOR Restriction Delay Decided With Reverse Mortgage Industry Input, Originators React

This week, the Government National Mortgage Association (GNMA, or “Ginnie Mae”) announced that it had delayed a previously-declared January 1, 2021 restriction on the eligibility of Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) for adjustable rate loans operating off of the London Interbank Offered Rate (LIBOR) index to March 1, 2021. The delay for originators […]

Reverse Mortgage Counselors: Pandemic Effects on Business, and What Originators Should Know

Reverse mortgage counselors are seeing an increased level of volume in 2020 which may partially be attributed to the COVID-19 coronavirus pandemic, but the source of the additional volume varies between counselors based on location and borrower needs. This is according to a panel discussion between reverse mortgage counselors which took place at the National […]

NRMLA Board Elects Norman, Kent as Co-Chairs

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 […]

Why Reverse Mortgage Pros Should Avoid Saying ‘Always’ and ‘Never’ to Clients

Considering that the reverse mortgage industry is the subject of a lot of misguided information in the minds of the public, one of the most efficient paths to improving the reputational issues of the industry comes in direct interactions between loan originators and their clients. Words in these instances matter, which is precisely why absolutism […]

Education is Key: What Reverse Mortgage Pros Can Learn from Market Penetration

Every business which serves a market of customers has to determine what counts as a benchmark for success, and oftentimes one of the key benchmarks is market penetration. Since businesses often have to define what market penetration is — and what it means — for their particular business segment, that determination can help the people […]