The FHA has proposed changes to the Home Equity Conversion Mortgage Program geared toward improving program stability and to adapt to changing market conditions. Full details after the link.
Read More »FHA & CFPB Urged to Create Additional Reverse Mortgage Protections
The Federal Housing Agency and the Consumer Financial Protection Bureau have been called on to fix servicing problems and create additional protection for the 480,000 outstanding reverse mortgages in the country.
Read More »Foreclosure & Reverse Mortgage Holders
Attorney Adam Diaz examines a Florida Supreme Court case examining the differences between a reverse mortgage and a traditional mortgage when the foreclosure process is initiated.
Read More »Mr. Cooper Sells Off Its Reverse Servicing Portfolio
Mortgage servicer unloads its Champion Mortgage portfolio to Mortgage Assets Management in order to focus on its core origination and servicing segments.
Read More »HECM Volume Up 37.5% in 2020
Home Equity Conversion Mortgage (HECM) endorsements were up 15.1% year-over-year in December to 4,097 loans, according to new data from Reverse Market Insight. For calendar year 2020, HECM volume recorded an annualized increase of 37.5% to 44,661 loans. Eight of ...
Read More »Working to Prevent HECM Foreclosures
The New York legislature has passed a bill that will require lenders to notify the state’s Department of Financial Services (DFS) and mortgagors of impending foreclosure actions against homeowners with reverse mortgages.
Read More »New Law Extends Protections for Reverse Mortgages
Borrowers in the D.C. area who have fallen into delinquency have received good news in the form of amendments to the Reverse Mortgage Insurance and Tax Payment Program Temporary Amendment Act of 2020.
Read More »The Reverse Mortgage Conundrum
The reverse mortgage process can be complicated. Here's how reverse mortgages may be a positive tool for borrowers facing default, and how it could lead to foreclosure. Editor’s note: This feature originally appeared in the January issue of DS News, out now.
Read More »HUD Announces Residential Reverse Mortgage Sale
Here's how to become a bidder in HUD's latest residential reverse mortgage sale, consisting of approximately 1,500 reverse mortgage notes secured by properties with a loan balance of approximately $330 million.
Read More »Senior Housing Wealth Hits $7.14T
A recent report reveals that seniors aged 62 and older have seen their housing wealth hit record highs. Find out what is driving the increase.
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