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REO News

Trump Taps Kraninger to Replace Mulvaney at CFPB
Less than a week before a deadline that would have forced current Consumer Financial Protection Bureau acting director Mick Mulvaney to leave his post, President Trump formally nominated a candidate to replace him. Kathy Kraninger, who has worked under Mulvaney at the White House Office of Management and Budget, is officially Trump’s pick to lead […]

Waters Calls for Stricter Oversight of Mortgage Servicers
A new bill introduced by Rep. Maxine Waters on Monday would bring greater oversight to servicers of single-family home loans, in response to what the California Democrat has called “bad behavior” from players in the industry. Under the Homeowner Mortgage Servicing Fairness Act of 2018, all mortgage servicers that work with Fannie Mae and Freddie […]

Inside the Reasons Why Seniors Choose the HECM for Purchase
Lifestyle, ease of upkeep, and proximity to family are main criteria for seniors who choose a Home Equity Conversion Mortgage for Purchase loan, many originators agreed. Christina Harmes, assistant manager for C2 Reverse in San Diego, said she has clients looking to upsize, downsize, move to the city or relocate to the country, but most […]

Servicers Offer Tips on Handling Reverse Mortgage Repair Requirements
At face value, it could seem like a small issue: A borrower might need to make a few minor repairs on a property in the weeks and months after securing a reverse mortgage to bring it up to the Department of Housing  and Urban Development’s standards. But improperly navigating the repair and approval process could […]

Mulvaney Could Soon Be Out as Acting Head of CFPB
When President Trump appointed Mick Mulvaney to serve as acting director of the Consumer Financial Protection Bureau, the term had a six-month expiration date — a day that’s rapidly approaching. Mulvaney can only serve until June 22, and the acting CFPB director recently had to remind the White House of that fact, according to a […]

Reverse Mortgages Help Curb Retirement Risk for Divorced Women
Reverse mortgages have been increasingly pitched as a way to stave off the effects of so-called “gray divorce,” and a new research brief shows just how a split can put both parties’ retirement futures at risk — and how home equity benefits one demographic in particular.  Households in which at least one party had previously […]

FAR Rolls Out ‘Flex’ Option for HomeSafe Jumbo Reverse Mortgage
Finance of America Reverse on Tuesday formally introduced updated features for its proprietary HomeSafe reverse mortgage, joining the growing wave of new private product options hitting the marketplace this year. The HomeSafe Flex option will allow interested borrowers to draw 60% of the loan proceeds upfront, then receive the remaining 40% in the form of […]

Brookings Researchers Call for ‘Substantial’ Changes to Reverse Mortgages
In a report that lays out the dire retirement future facing many Americans, a pair of researchers for a prominent think tank argue that the federal reverse mortgage program requires a significant overhaul in order to serve seniors into the future. Martin Neil Baily of the Brookings Institution and Benjamin H. Harris of the Kellogg […]