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REO News

Friday Round-Up: Financial Assessment Upside, NewDay Fined for Violations
In case you missed it… here’s what happened in reverse mortgage news this week. Baby Boomers’ Wealth is Shifting Their Aging in Place Decisions—Baby Boomers’ housing preferences are shifting and this is having an impact on whether they will wish to age in place in the future, says a recent report from the National Association […]

AAG Closing the Gap in Reverse Mortgage Securities Issuer Rankings
While Reverse Mortgage Solutions (RMS) continues to lead the pack in reverse mortgage-backed securities issuance, the gap between the No. 1 and No. 2 issuers “has never been smaller,” as American Advisors Group (AAG) climbs the rankings, according to data compiled and analyzed by New View Advisors.  In the first quarter of 2015, RMS issued slightly more than $413 […]

Fox News: Getting a Reverse Mortgage Will Soon Be Tougher
The federal government is going to make reverse mortgages harder to get starting April 27, said Fox News in a segment about how the new reverse mortgage rules work. A reverse mortgage is for those 62 and older who have equity sitting in their home and want supplemental income, explained Bob Massi, Fox News legal analyst. […]

Reverse Mortgage Lenders Seek New Talent — Apply Today
Reverse mortgage lenders are looking to hire talented professionals for myriad positions, including reverse loan processors, consultants and more. Yadkin Bank, Longbridge Financial and First Bank are just some of the many companies looking for qualified individuals to join their team. Click the following opportunities that are now open to find out more. Or for a […]

Trulia: Spring’s Hottest Housing Markets
The pace of housing sales is quickening nationwide, and in one particular state, homes are selling faster than anywhere else in the country this spring. Nationally, 60% of homes listed for sale on February 5 were still on the market on April 5, slightly less than 62% for the same period last year, according to […]

Reverse Lenders See Big Growth Potential in Financial Assessment
The Financial Assessment may not be the change the reverse mortgage industry wants right now from a process standpoint, but it’s the one that it needs to clean its reputation and attract a different pool of borrowers in the long-run, industry participants say. Not only can a change in perception lead to a greater acceptance […]

[Update] New Utah Reverse Mortgage Legislation May Impact Counseling
Reverse mortgage borrowers in Utah may face changes to the counseling process beginning May 12, under recently passed state legislation, S.B. 120. The Utah Reverse Mortgage Act requires that before a prospective borrower signs a reverse mortgage application the prospective borrower “shall meet with an independent housing counselor,” as part of the process. The new Utah […]

CFPB Issues Guidance on Housing Counselor Requirement
The Consumer Financial Protection Bureau (CFPB) issued final guidance Wednesday on the housing counselor requirement, which orders mortgage lenders to provide borrowers with a list of local homeownership counseling organizations. The interpretive rule, which restates and clarifies guidance the CFPB issued in 2013, does not apply to reverse mortgages, an agency spokesman confirmed with RMD. […]