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REO News

FAR Enters Secondary Market for Inactive Reverse Mortgage Loans
Finance of America Reverse has issued a pool of Home Equity Conversion Mortgage-backed securities (HMBS) associated with inactive loans — a strategy that could represent a solution to liquidity issues in the space. The pool consists of 2,078 inactive loans with a total balance of just under $420 million, according to an analysis from Moody’s Investors […]

Reverse Mortgage Subservicer Celink Hires First General Counsel
The largest subservicer of reverse mortgages marked another business milestone this week by appointing its first inside counsel. Martha Belcher joined the Lansing, Mich.-based Celink as its executive vice president and general counsel. “Using outside counsel has been effective for Celink, and Martha will manage those valuable partners to help us navigate during this very […]

Reverse Mortgage Loan Limit to Rise Again in 2018
For the second year in a row, the lending limit for federally backed reverse mortgages is increasing. The Department of Housing and Urban Development on Thursday announced a maximum claim amount of $679,650 for calendar year 2018, up from $636,150 this past year. HUD arrives at that figure by calculating 150% of the Freddie Mac […]

Homeowner Equity Continues to Rise, Jumps $871B in 3Q
The total amount of equity controlled by U.S. homeowners continued its steady climb in the third quarter of 2017, with an $871 billion gain from the same time last year. That’s an 11.8% increase from the third quarter of 2016, according to the most recent data from real estate analysts CoreLogic — the largest year-over-year […]

Amid Chapter 11, RMS Parent Shakes Up Leadership
Less than a week after filing for Chapter 11 bankruptcy protection last week, Walter Investment Management Corp. (NYSE: WAC.BC) on Wednesday announced two key changes to its executive management team. Chief financial officer Gary Tillett will retire in February, the company said, with former JPMorgan Chase executive Jerry Lombardo taking his place. In addition, Reverse […]

Borrowers’ Children Weigh in on Reverse Mortgage Successes
While reverse mortgage loan originators frequently receive feedback from their clients and the family members of borrowers, it’s not often that borrowers’ family members weigh in publicly about their experiences. During the National Reverse Mortgage Lenders Association’s annual conference last month in San Francisco, several children of reverse mortgage borrowers shared their input with attendees—a […]

What Could Happen to Reverse Mortgages During a Government Shutdown
Editor’s Note: With Congress facing yet another potential government shutdown, RMD is reprinting this article from April, when a similar action was averted. This time around, while Republicans hope to avoid any distractions from their sweeping tax overhaul, President Trump on Wednesday threatened that a shutdown could happen Saturday; Congress has until Friday to pass a spending bill that […]

HECM Originators Detail ‘Dream’ Proprietary Reverse Mortgage Product
Faced with lower principal limit factors for the Home Equity Conversion Mortgage, brokers are enthusiastic about the potential of new proprietary reverse mortgages entering the market. These possible products came up during a CEO panel at the National Reverse Mortgage Lenders Association’s annual conference in San Francisco last month, where executives challenged the industry to […]