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REO News

CFPB Structure Could See Supreme Court Challenge as Enforcement Actions Rise

The Trump Administration in concert with the Consumer Financial Protection Bureau (CFPB) has asked the United States Supreme Court to take on a case challenging the Bureau’s constitutionality, in a move endorsed by Bureau Director Kathleen L. Kraninger based on a brief obtained by RMD. However, the Bureau’s recorded enforcement actions have increased under Director […]

The post CFPB Structure Could See Supreme Court Challenge as Enforcement Actions Rise appeared first on Reverse Mortgage Daily.


Bloomberg: Reverse Mortgages Continue Booming North of the Border

The reverse mortgage business across Canada is continuing to prosper, as evidenced by a notable increase in balance figures of more than double compared to figures from 2015. This is according to original reporting by Bloomberg. “Outstanding balances on reverse mortgages have more than doubled in less than four years to C$3.12 billion ($2.37 billion), […]

The post Bloomberg: Reverse Mortgages Continue Booming North of the Border appeared first on Reverse Mortgage Daily.


HECM for Purchase Spotlight: Rightsizing, Home Values Lead H4P in Colorado

While the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) has struggled to gain traction in the reverse mortgage market at-large, taking a look at a list of the top five states for H4P origination may help some in the reverse mortgage industry to discover a path forward for the product variation. Number five on […]

The post HECM for Purchase Spotlight: Rightsizing, Home Values Lead H4P in Colorado appeared first on Reverse Mortgage Daily.


CFPB Announces ‘Enhancements’ to Consumer Complaint Database

The Consumer Financial Protection Bureau (CFPB) announced on Wednesday its intention to enhance its previously controversial Consumer Complaint Database, which aims to provide additional information and context to new submissions. “[CFPB] will continue the publication of consumer complaints, data fields and narrative descriptions through the Bureau’s Consumer Complaint Database while making several enhancements to the […]

The post CFPB Announces ‘Enhancements’ to Consumer Complaint Database appeared first on Reverse Mortgage Daily.


Private Reverse Mortgages No Longer Limited to Jumbo Values

Borrowers of proprietary reverse mortgages are increasingly becoming more closely aligned with the typical profile of a Home Equity Conversion Mortgage (HECM) borrower, through two very identifiable attributes: loan amounts that are in-line with those of a more traditional HECM, and the use of a loan’s proceeds to consolidate and pay off existing debt of […]

The post Private Reverse Mortgages No Longer Limited to Jumbo Values appeared first on Reverse Mortgage Daily.


July Reverse Mortgage Endorsement Rise Led by Retail Segment

Home Equity Conversion Mortgage (HECM) endorsements rose by 8.2% in the month of July, for a total of 2,753 loans according to the latest data from Reverse Market Insight (RMI). The rise was led primarily by the retail endorsement segment of business, which experienced a jump of 12.9% that month, while wholesale levels recorded a […]

The post July Reverse Mortgage Endorsement Rise Led by Retail Segment appeared first on Reverse Mortgage Daily.


Mid America Mortgage Selects ReverseVision to Debut Reverse Products

New reverse mortgage industry entrant Mid America Mortgage has selected the loan origination system (LOS) created by San Diego-based ReverseVision, ReverseVision Exchange (RVX), to support its introduction of Home Equity Conversion Mortgage (HECM) and proprietary reverse mortgage offerings. As a relatively new player overall but with an experienced reverse mortgage industry participant at the helm, […]

The post Mid America Mortgage Selects ReverseVision to Debut Reverse Products appeared first on Reverse Mortgage Daily.


Forbes: These 6 Changes are Coming to Social Security in 2020

Social Security benefit payments constitute the cornerstone of income for the majority of American retirees. For existing and potential reverse mortgage borrowers alike, keeping up-to-date on any changes in the Social Security program will prove to be essential information for anyone taking a proactive approach to retirement planning. Always a flashpoint of ongoing debate and […]

The post Forbes: These 6 Changes are Coming to Social Security in 2020 appeared first on Reverse Mortgage Daily.


Non-profit Network Offers Disaster Relief for Reverse Mortgage Borrowers

In the wake of new disaster guidance for reverse mortgage borrowers from the Consumer Financial Protection Bureau (CFPB) and as parts of the southeastern United States continue to contend with the aftermath of Hurricane Dorian, affected reverse mortgage borrowers have another alternative to receive counseling and personalized assistance after surviving a natural disaster. Project Porchlight, […]

The post Non-profit Network Offers Disaster Relief for Reverse Mortgage Borrowers appeared first on Reverse Mortgage Daily.


Supporting Adult Children Can Be ‘Financial Shock’ in Retirement

Parents are increasingly supporting their children financially for longer periods of time, which can serve to be a major financial disruption for seniors as they enter retirement. According to 2016 data from the Pew Research Center, living at home with parents had grown in commonality to the point that it was more likely than living […]

The post Supporting Adult Children Can Be ‘Financial Shock’ in Retirement appeared first on Reverse Mortgage Daily.