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REO News

Resolute Bank Exits Reverse Mortgage Business

Maumee, Ohio-based Resolute Bank has ceased originating Home Equity Conversion Mortgage (HECM) loans, RMD has learned. A company representative confirmed by phone that Resolute stopped offering reverse mortgages within the last month. Resolute Bank President Kevin Rahe told RMD that the exit had very little to do with reverse mortgage-specific issues such as changes made […]

The post Resolute Bank Exits Reverse Mortgage Business appeared first on Reverse Mortgage Daily.


Aging in Place Threatened by Rising In-Home Care Costs

The costs associated with “homemaker” services – which assists older adults with tasks including cooking, cleaning, and running errands – and home health aides – who assist older adults with bathing, dressing and eating – are rising at a faster rate than nursing home care, making assistance with basic tasks more expensive. This is according […]

The post Aging in Place Threatened by Rising In-Home Care Costs appeared first on Reverse Mortgage Daily.


Harvard Study: Home Equity Will Be Critical for Aging Americans

Households with housing cost burdens have reached an all-time high, and many households led by those in the senior age demographic have failed to recover from the financial crisis that began in 2008. This has exacerbated the need for affordable and accessible housing and in-home care, and the ability to build home equity will be […]

The post Harvard Study: Home Equity Will Be Critical for Aging Americans appeared first on Reverse Mortgage Daily.


CFPB Director Returns to ‘Hot Seat’ in House Hearing

Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger served as the focus of ire from Democrats on the U.S. House of Representatives’ Financial Services Committee in a hearing designed to serve as a semi-annual review of the Bureau and its education and enforcement activity. In her opening remarks, Financial Services Committee Chairwoman Maxine Waters (D-Calif.) […]

The post CFPB Director Returns to ‘Hot Seat’ in House Hearing appeared first on Reverse Mortgage Daily.


Why New Forward Mortgages Present Unique Problems for Seniors

Despite some prospective borrowers resisting the initial mention of a reverse mortgage and seeking instead to get a new forward loan, being able to position the reverse relative to the forward can be a valid selling point for originators. For those seniors who have an aversion to a reverse mortgage, employing a new forward mortgage […]

The post Why New Forward Mortgages Present Unique Problems for Seniors appeared first on Reverse Mortgage Daily.


Former HUD Secretary Castro Calls on Carson to Resign

Former Secretary of the Department of Housing and Urban Development (HUD) Julián Castro called on his Trump Administration successor Dr. Ben Carson to resign late last week. Castro alleges that comments reportedly made by Carson suggesting a lack of concern for transgendered people disqualifies him from “serving everyone” as HUD Secretary. Castro weighed in on […]

The post Former HUD Secretary Castro Calls on Carson to Resign appeared first on Reverse Mortgage Daily.


Fairway Bucks Market Trend With Reverse Mortgage Success

The reverse mortgage industry has struggled with adapting to changes made to the Home Equity Conversion Mortgage (HECM) program handed down by FHA two years ago. In 2019, the industry recorded a 32.3% loss in volume for the period of January-July compared with the same period the prior year. As a result, finding standout success […]

The post Fairway Bucks Market Trend With Reverse Mortgage Success appeared first on Reverse Mortgage Daily.


CFPB Creates Federal Consumer Finance Law Taskforce

The Consumer Financial Protection Bureau (CFPB) announced Friday that it will establish a specialized taskforce to, “examine ways to harmonize and modernize federal consumer financial laws,” according to a press release. The new body, called the “Taskforce on Federal Consumer Financial Law,” is aimed at examining the existing legal and regulatory climate that faces consumers […]

The post CFPB Creates Federal Consumer Finance Law Taskforce appeared first on Reverse Mortgage Daily.


HECM Hearing Recap: Democrats, Republicans Agree on Something

The late September hearing of the U.S. House of Representatives Financial Services Subcommittee on Housing, Community Development, and Insurance provided a rare moment of insight into the perspectives that national politicians maintain toward the Home Equity Conversion Mortgage (HECM) program. Over the course of the proceeding, more Republicans expressed doubt concerning the viability and effect […]

The post HECM Hearing Recap: Democrats, Republicans Agree on Something appeared first on Reverse Mortgage Daily.


CFPB Loosens HMDA Requirements in Final Rule

The Consumer Financial Protection Bureau (CFPB) announced on Thursday the issuance of a new, final rule under the Home Mortgage Disclosure Act (HMDA). The new rule extends the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA for two years. Additionally, the rule also clarifies partial exemptions from certain […]

The post CFPB Loosens HMDA Requirements in Final Rule appeared first on Reverse Mortgage Daily.