A class action lawsuit filed in the Eastern District Court of New York in October of 2018 against reverse mortgage companies Live Well Financial, Reverse Mortgage Funding (RMF) and Compu-Link Corporation (Celink) has been dismissed indefinitely, though the plaintiff has the option to refile against one of the companies after its own legal woes have […]
The reverse mortgage industry is likely to be led by Home Equity Conversion Mortgage (HECM) business as opposed to proprietary products in the near future, owing to the value proposition and rate environment according to industry leaders at two different top ten lenders. This is according to the leaders themselves during panels at RMD’s HEQ […]
Home Equity Conversion Mortgage (HECM) endorsements rose by 1.2%% in the month of July 2020, for a total of 4,254 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The rise comes in the midst of generally heightened reverse mortgage industry activity that has been taking place over the past few […]
The proprietary reverse mortgage market is still in relatively early days considering the amount of time in which multiple lenders have been competing in the space. While new products are likely to emerge in 2021, it may be unlikely for proprietary products to ever overtake the FHA-backed Home Equity Conversion Mortgage (HECM) offerings. Still, proprietary […]
Bloomfield, N.J.-based top-five reverse mortgage lender Reverse Mortgage Funding, LLC (RMF) announced today the launch of a new variation of its Equity Elite proprietary reverse mortgage offering with a line of credit (LOC) feature. The product, which was previously announced in July, is being rolled out in two states with additional states to be added […]
Reverse Mortgage Funding (RMF) and Liberty Reverse Mortgage, respectively, have each resumed offering their previously-suspended proprietary reverse mortgage products after observing increased stability in market conditions. In addition, RMF is also introducing a new variation of its private product with a line of credit feature. This is according to representatives from both companies during a […]
Home Equity Conversion Mortgage (HECM) endorsements fell by 45% in the month of April 2020, for a total of 1,597 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall was led by the wholesale endorsement segment of business, which experienced a decrease of 47.8% that month, while retail levels […]
Bloomfield, N.J.-based lender Reverse Mortgage Funding, LLC (RMF) has introduced a new creative advertising campaign designed to feature testimonials from real customers espousing the benefits of their reverse mortgage loans. The campaign, called “In Their Words,” aims to offer a frank and informed thoughts on reverse mortgage benefits from the perspectives of the borrowers themselves, […]
As proprietary reverse mortgage products have emerged as an increasingly dominant player in the broader reverse mortgage industry, determining what common attributes are shared by a group of borrowers who decide to go the proprietary route becomes essential so that lenders can best tailor their proprietary offerings to meet the needs of their clients. The […]
After pausing reverse mortgage origination operations in New York last month due to a series of new regulations that the state’s governor recently signed into law, at least one major lender has resumed its operations in the state while others are in the midst of preparing to do the same. As of late last week, […]
