Last week, the Federal Housing Administration released a Mortgagee Letter (ML) detailing that the lending limit for government-backed Home Equity Conversion Mortgage (HECM) loans would be increasing for the fourth consecutive year in a row, to $765,600 beginning with case numbers assigned on January 1, 2020. This represents a welcome development for many reverse mortgage […]
The reverse mortgage market, comprising both traditional Home Equity Conversion Mortgages (HECMs) and proprietary loans, has been through a turbulent year in 2019. While year-over-year volume has shown a decline in the number of HECM originations when comparing the fiscal year data of 2018 and 2019, a number of other more positive developments have occurred. […]
While the reverse mortgage industry has seen its share of change, the top-10 lenders by volume has remained relatively unchanged over the last year. Yet the lender rankings within the top 10 have shifted, to present a top-10 in October 2019 that looks different in some ways from the same tabulation a year earlier. RankCompany […]
Once one of the top 10 reverse mortgage lenders by volume, the closure of Live Well Financial was as swift as it was unexpected. While the dust has yet to completely settle on this story, numerous legal proceedings extending out of the closure and ongoing investigations by financial regulators and federal law enforcement have further […]
In addition to making a recent major acquisition and by adding several former executives from the recently-shuttered Live Well Financial, Austin, Texas-based Open Mortgage is a company on the move. Because of the actions it has taken concerning the expansion of both its forward and reverse mortgage business arms, questions about exactly what it intends […]
Multi-channel lender Open Mortgage announced Thursday that it has hired the core team of mortgage lending executives from the recently-closed Live Well Financial, including its former EVP Bruce Barnes, SVP of Operations Jim Cory and SVP of Wholesale and Correspondent Lending Joshua Moran. Additionally, Open Mortgage also hired approximately 50 former Live Well sales and […]
Multi-channel lender Open Mortgage announced this week that it has acquired Premier Home Mortgage, a lender specializing in financing homes in rural areas of the United States. The acquisition is expected to add $300 million in loan value to Open Mortgage, while also adding offices in the states of Iowa, Montana, South Dakota and Wyoming […]
