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REO News

RMF Launches New Private Reverse Mortgage
Reverse Mortgage Funding on Monday will join the proprietary reverse mortgage loan market, announcing the Equity Edge Reverse Mortgage for borrowers aged 60 and up. The new product, which will officially become available to borrowers June 1, is specifically targeted at homeowners with properties valued at $700,000 or more — as well as those with […]

Reverse Mortgage Originators Decide to Go Big or Stay Independent
As reverse mortgage volumes have decreased since last year’s principal limit changes, moving to a bigger lender is an attractive option for some independent originators. Mario Martirano, a 25-year industry veteran, recently made the move to American Advisors Group after feeling the current stresses of a small business owner. Although he is still getting settled, […]

FHA Again Extends Reverse Mortgage Foreclosure Timeline for Puerto Rico
The Federal Housing Administration this week again extended the timeline for reverse mortgage foreclosures in territories affected by Hurricane Maria last year. All Home Equity Conversion Mortgage foreclosure timelines will be extended through August 16 in the Presidentially-Declared Major Disaster Areas (PDMDAs) in Puerto Rico and the U.S. Virgin Islands — which cover the entirety […]

Nationstar to Pay $1 Million Over Illegal Forward, Reverse Mortgage Inspections
Nationstar Mortgage (NYSE: NSM) this week agreed to pay more than $1 million after the forward and reverse servicer illegally charged borrowers inspection fees. The Coppell, Texas-based Nationstar — which services Home Equity Conversion Mortgages through its Champion Mortgage arm — passed the cost of property inspections associated with reverse mortgage loans in default directly […]

Americans Face Retirement Savings Regrets Amid Two-Pronged Crisis
When asked for their most common financial regret, Americans yet again pointed to a lack of retirement savings as the top pick. For the third consecutive year, “not saving for retirement early enough” led consumer financial firm Bankrate’s list of money regrets, with 18% of respondents selecting that option as their number-one choice. Not saving […]

Why Mutual of Omaha Bank Bet on Reverse Mortgages in Stormy Times
Mutual of Omaha Bank made a major move into the reverse mortgage space earlier this month with the acquisition of Synergy One Lending and its Retirement Funding Solutions brand. If the timing seemed suspect to industry watchers — with plummeting demand for the products amid lower principal limit factors — the executive in charge of […]

Nationwide Opens New Las Vegas Branch with Brewer, Rodriguez
Nationwide Equities this week announced the opening of a new office in Las Vegas helmed by a pair of reverse mortgage industry veterans. Jesse Brewer and Rick Rodgriuez will run the Mahwah, N.J.-based Nationwide’s new Nevada office, which will offer both Home Equity Conversion Mortgages and forward loans. “In today’s market, it is very expensive […]

Software Provider Sees Potential in Forward Lenders Entering Reverse
As the markets for both products run into considerable headwinds, the strategy of forward lenders jumping into the reverse space has gained prominence — and one software provider is hoping to capitalize on the trend. Baseline Reverse recently launched its position management software, a tool specifically designed to target forward lenders looking to enter the […]