Brian Montgomery Confirmed as HUD Deputy Secretary

After serving the role of Federal Housing Administration Commissioner since June 2018, Brian Montgomery was today confirmed by the Senate as Department of Housing and Urban Development Deputy Secretary. He was nominated to the position full time by President Donald Trump in October 2019. At the time, he held the role of acting deputy secretary […]

[UPDATE] 27 State AGs Seek New Reverse Mortgage Relief During Pandemic

A coalition of attorneys general from 27 different states, led by New York A.G. Letitia James, sent a letter Friday to the Secretary of the U.S. Department of Housing and Urban Development (HUD), Dr. Ben Carson, urging the Department to take further action to protect seniors with Home Equity Conversion Mortgages (HECMs) who have been […]

3 Things Reverse Mortgage Originators Should Know About Servicing During Coronavirus

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 […]

Senior Housing Wealth Reaches Record High of $7.23 Trillion

Homeowners age 62 and older saw their collective housing wealth increase in Q4 2019 by 0.5% compared to the previous quarter. This constitutes an increase of approximately $39 billion to a record of $7.23 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. The […]

Financial Planners More Receptive to Reverse Mortgages During Crisis

A survey of approximately 230 financial planners during a Mutual of Omaha Mortgage and International Retirement Resource Center webinar hosted by Dr. Wade Pfau late last week revealed that 77% of financial planner respondents are more receptive to offering reverse mortgages to their clients in light of the stock market volatility introduced by the ongoing […]

The RMD Podcast #10: Scott Norman of FAR

In the tenth episode of The RMD Podcast, RMD Editor Chris Clow is joined by the VP of Field Retail and Director of Government Relations at Finance of America Reverse (FAR), and co-chair of the National Reverse Mortgage Lenders Association (NRMLA) Scott Norman! Known for his instrumental role in expanding the reverse mortgage business to […]

Originators Debate What to Call Private Reverse Mortgages

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 […]

How a New California Privacy Law Could Impact Reverse Mortgages

On January 1, 2020, the California Consumer Privacy Act (CCPA) became effective and has been described as one of the most comprehensive consumer privacy initiatives ever to be codified into law. Because of its wide implications for businesses throughout the state of California, a panel of legal representatives explained how it could impact the reverse […]

Possible Impacts of New York’s Sweeping New Reverse Mortgage Law

A New York state law that was recently signed by Governor Andrew Cuomo, and which targets deceptive consumer practices while imposing new requirements on borrower representation during loan closings, could have potentially serious implications on the way that reverse mortgage business is conducted in the state. State Assembly bill A5626 was first passed by the […]