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REO News

Calif. Congressman Urges Reverse Mortgage Reforms in New Report
A California congressman has released a report on reverse mortgages urging the Federal Housing Administration to implement program reform measures meant to protect taxpayers and consumers. The report, released by Rep. Mark Takano (D-CA), points to reverse mortgage findings, namely that “reverse mortgages are bad for seniors,” that lenders need to be more responsible, that […]

Financial Advisor: Enormous Market for Reverse Mortgages
Reverse mortgages will become an integral part of peoples’ retirement income plans, predicts a lender in a recent Financial Advisor article.  Along with savings, pensions, and Social Security, home equity conversion mortgages (HECMs) will have a role as the fourth leg of the retirement income stool, but financial planners need to be educated on the […]

CFPB Identifies Most Painful Points in Mortgage Closings
The Consumer Financial Protection Bureau (CFPB) is ready to move forward in its efforts to relieve “pain points” associated with the mortgage closing process following new research released this week.  In conjunction with its Know Before You Owe initiative, the CFPB released a report Wednesday that reveals responses from various market participants, consumers and other […]

CFPB Issues Guide to Integrated Mortgage Disclosure Forms
The Consumer Financial Protection Bureau on Tuesday released a guide to completing the integrated mortgage disclosure forms as a companion to another compliance guide it recently published for lenders. Consolidating the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage documents was the CFPB’s inaugural initiative when it launched in 2011 with […]

Lenders Seeking Reverse Mortgage Pros—Jobs Available
Coast to coast and everywhere in between, lenders continue their search for reverse mortgage professionals with an array of job offerings.  A majority of lenders on this week’s reverse mortgage jobs list are offering positions nationwide for loan officers, originators, account executives, consultants and more. Hiring lenders include Access Reverse Mortgages, Reverse Mortgage Direct, Proficio […]

Financial Advisor Column: Reverse Mortgages Worth Considering
A reverse mortgage “evolution” is making the loans a better retirement prospect than they once were for financial advisors, writes industry publication Bank Investment Consultant in a column this week. “If you think that reverse mortgages are only for cash-strapped retirees without any other financial options, think again,” the column begins, addressing its advisor-readers. “The […]

Mortgage Prof: Top 10 Situations a Reverse Mortgage Makes Sense
A reverse mortgage isn’t always the best option for a senior, but there are at least 10 scenarios when taking out the federally-insured loan should be considered, says the Mortgage Professor in a recent column. Scenarios where seniors should reject a home equity conversion mortgage (HECM) include when there are plans to pass on a […]

Mortgage Mysteries Keep Potential Homebuyers on the Sidelines
Misperceptions and mysteries surrounding mortgages are preventing some potential homebuyers from pursuing financing, according to a new survey.  Nearly half (46%) of prospective homebuyers have not pursued the financing they would need in order to buy a home due to fear they wouldn’t qualify for a mortgage, found retail home loan lender loanDepot LLC in […]