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REO News

HUD Budget Draft Shows Trump, Carson Will Indeed Seek Deep Cuts
A purported draft of the Department of Housing and Urban Development budget shows that the Trump administration wasn’t fooling around with its previously announced wish list of cuts. Under the preliminary document, obtained by Politico, the federal government would slash $6 billion from multiple programs named in President Trump’s original budget blueprint from March, including […]

Why Closing Costs Can be a Deal-Maker for Reverse Mortgage Borrowers
In times of falling interest rates, reverse mortgage originators have had the capacity to pass along savings to borrowers in the form of covering some of the loan’s upfront costs and reducing the upfront fees overall. Today, with rates rising, borrowers are increasingly facing the full upfront costs, it is increasingly important to clearly explain and detail […]

WaPo Extols Benefits of Reverse Mortgage for Purchase
Syndicated financial advice columnist Benny L. Kass presented a favorable view of the Home Equity Conversion Mortgage for Purchase program in the pages of the Washington Post late last week, positioning the product as a smart option for older folks looking to leave the empty nest. “As we grow older, we often feel the need […]

Friday Round-Up: Calling a HECM a HECM, Reverse Mortgage Surge in CA?
Welcome once again to RMD’s Friday round-up, your single place for the biggest headlines from the past week in the world of reverse mortgages. We forgive you if national political news drove your attention away from some of the items on our list — we’d be lying if we didn’t admit to furiously refreshing multiple […]

RMD Jobs: Your Weekly Look at Who’s Hiring in HECM
You’ve made it to the last day of the working week, and we have a little reward for you: a close peek into who’s hiring in the world of Home Equity Conversion Mortgages. Each week, RMD updates our readers with the latest entries on our sister site, RMDJobs.com, where you can get your job posting […]

Mnuchin: My Team Reported Financial Freedom’s Reverse Mortgage Issues to HUD
Testifying before a Senate committee, Treasury secretary Steven Mnuchin claimed that he and his team at OneWest Bank reported the issues that led to Financial Freedom’s $89 million settlement with the federal government. In response to a direct question from Ohio Sen. Sherrod Brown about the settlement, Mnuchin — who had served as the chairman […]

Housing Supply Constricts, Home Prices Rise Nationwide
California’s shrinking housing supply could soon be a boon for reverse mortgage originators in the state, as RMD reported Wednesday from the National Reverse Mortgage Lenders Association’s Western Meeting in Huntington Beach, Calif. But the Golden State isn’t the only place where demand outstrips available homes on the market — it’s true across the country. […]

Why California Could Soon See a Reverse Mortgage Surge
Huntington Beach, Calif. — While reverse mortgage loan volume slid across the U.S. in recent years, California has long been home to the greatest number of reverse mortgage endorsements relative to the other 49 states. Now, based on market factors, there could be reason to project even more volume in the coming years.    This […]