Home / Tag Archives: Reverse Mortgage

Tag Archives: Reverse Mortgage

New Bill Addresses Reverse Mortgage Foreclosures

gavel

The Philadelphia City Council recently introduced a bill to help prevent reverse mortgage foreclosures when a homeowner is in a payment agreement for real estate taxes on their homes. As a requirement for a reverse mortgage, borrowers must remain current ...

Read More »

Risky Business

The FHA’s Mutual Mortgage Insurance Fund currently covers both forward and reverse mortgages. But is that really the best way to asses risk for the programs?

Read More »

Tapping Into Home Equity

A new report breaks down home equity by race and age, finding that Black homeowners 65 years and older are more likely to take out reverse mortgages than any other demo.

Read More »

DataQuick Enhances Standard Recorder Layout with Expanded Data

DataQuick, a real estate information solutions firm headquartered in San Diego, announced it has expanded its Standard Recorder layout to provide a more comprehensive view of properties and transactions. The expanded layout allows for the creation of a custom bundle devoted to key loan transaction intelligence, including data on 12 million loan modifications, loan terms on four million mortgages, interest rates on 600,000 loans, and details on 525,000 reverse mortgages.

Read More »

Senate Committee Proposes Bill to Put FHA on ‘Stable Footing’

The Senate Banking Committee reached a milestone in its efforts to stabilize the Federal Housing Administration (FHA) with the release of a discussion draft of a new bill Monday. The Federal Housing Administration Solvency Act of 2013, authored by Committee Chairman Sen. Tim Johnson and Ranking Member Sen. Mike Crapo (R-Idaho), has provisions to strengthen underwriting, make lenders more accountable, and strengthen the FHA’s reverse mortgage program.

Read More »

Consumer Advocates: HECMs Need Revisions to Prevent Defaults

Home Equity Conversion Mortgages (HECMs) and reverse mortgages, tools to which many seniors turn to help manage expenses in their later years, can be challenging products to navigate, according to testimonies delivered during a Senate committee hearing Tuesday morning. While the Department of Housing and Urban Development (HUD) considers changes to the HECM program, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to determine the best path forward for the program.

Read More »

Stats Show Troubling Trends for Reverse Mortgages

While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says recent trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the ""troubling trend will increase as more baby boomers enter retirement with mortgage debt than previous generations.""

Read More »

Walter Investment Completes Reverse Mortgage Deal with Wells Fargo

Walter Investment Management Corp. announced Tuesday that its wholly owned subsidiary, Reverse Mortgage Solutions, Inc. (RMS), has acquired a reverse mortgage servicing portfolio containing more than 76,000 loans from Wells Fargo Home Mortgage. The portfolio has an unpaid principal balance of about $12.2 billion and is expected to transfer to RMS during the third quarter of 2013, Walter Investment said in a release. The transaction will double the size of Walter Investment's serviced book, according to CEO and chairman Mark J. O'Brien.

Read More »

Agencies Target Companies for Tactics Used in Mortgage Ads

Two federal agencies partnered up to let certain companies know their mortgage advertising tactics may be unlawful. On Monday, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced letters were issued over potentially misleading advertisements that target veterans and older Americans. The CFPB sent about a dozen warning letters to mortgage lenders and brokers, and the FTC sent 20 letters to real estate agents, home builders, and lead generators.

Read More »

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.