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REO News

Reverse Mortgage Must-Reads: MMI Fund Shuffle, CFPB Complaints
As the industry continues to wake up to the post-October 2 world of new principal limit factors and mortgage insurance premiums, here’s a quick refresher on what you may have missed from the week in Home Equity Conversion Mortgage news: MBA President Supports Call to Remove Reverse Mortgages from MMI Fund — Mortgage Bankers Association president […]

Washington Charges HighTechLending with Deceptive HECM Advertising
The state of Washington this week charged HighTechLending, Inc. with using deceptive and misleading reverse mortgage advertising practices dating back to 2013. Washington’s Department of Financial Services seeks $300,000 in fines from the Irvine, Calif.-based lender, as well as a cease-and-desist order regarding the offending advertisements. The complaint largely focuses on omissions from HighTechLending’s marketing materials, which […]

Spending on Home Remodeling Set to Jump Next Year
Reverse mortgage professionals often position the products as solutions for older consumers who want to stay at home but need cash to make aging-friendly upgrades or much-needed repairs — and a new study shows that Americans across the board are planning major renovation projects over the coming year. Spending on home renovations and repairs will […]

Liberty, Reverse Mortgages Unaffected by Ocwen’s Forward Wholesale Exit
Ocwen Financial Corporation (NYSE: OCN) has announced plans to exit the wholesale forward-mortgage industry, but a company spokesman confirms that its Liberty Home Equity Solutions arm remains unaffected. The West Palm Beach, Fla.-based company announced last week that it has reached an agreement to sell the assets related to its wholesale forward lending business, with […]

RMD Jobs: Your Weekly Peek Into Who’s Hiring in Reverse Mortgages
Each week, Reverse Mortgage Daily gives you a look into who’s hiring — and for which positions — in the Home Equity Conversion Mortgage industry. But don’t forget that you can check out the latest and greatest posts every day of the week at our sister website, the Reverse Mortgage Daily Job Board. There you’ll […]

HECM Endorsements Jump in August, But Rule-Change Bump Still in Future
Reverse mortgage endorsements jumped 15.8% between July and August, with solid gains on both the retail and wholesale sides, but it’s still too early to see the effects of the recent mortgagee letter on actual origination demand. Home Equity Conversion Mortgage originators — including those approved by the Federal Housing Administration and their non-approved counterparts […]

HECMs Account for 5% of Older Americans’ CFPB Mortgage Complaints
Complaints related to the Home Equity Conversion Mortgage program accounted for about 5% of all mortgage-related complaints from older Americans, according to a new analysis of Consumer Financial Protection Bureau data. Issues with mortgages took up the largest share of reported complaints by citizens older than 62, representing 31% of more than 72,000 recorded incidents; […]

MBA President Supports Call to Remove Reverse Mortgages from MMI Fund
When Ben Carson expressed support for removing the reverse mortgage program from the Mutual Mortgage Insurance Fund before Congress last week, he became the most prominent voice in a growing call within the industry. “I think the secretary is very astute on the subject, and separating it out from the MMI fund would certainly allow […]