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REO News

Reverse Mortgage Securities Issuance Declines in October
Production of new reverse mortgage loan pools declined in October to roughly $325 million in issuance, down from $360 million in September and $344 million in August, according to data compiled by New View Advisors. This decline in new issuance counters recent arguments that a reverse mortgage recovery is underway following program changes implemented in […]

NRMLA Introduces New Board, Plans for Reverse Mortgage Advocacy
The National Reverse Mortgage Lenders Association welcomed new board members during its recent annual meeting in late October, and bid farewell to several long standing board members who are leaving their posts. Leadership also pointed to some of the work NRMLA has done over the last year, and continues to approach in the coming months. […]

1st Reverse Mortgage USA Brings Reverse Mortgages to Forward Lending
With a rapidly aging population, rising interest rates, and forward loan officers looking for alternatives for their borrowers, 1st Reverse Mortgage USA is working to bridge the gap between forward and reverse lending. Currently ranked 16 on the Top HECM Lenders list from Reverse Market Insight, 1st Reverse Mortgage USA is the reverse mortgage division […]

Reverse Focus Launches New Site for Borrower Education and Lead Generation
Redding, CA-based mortgage sales and management firm Reverse Focus, Inc. has created a new online platform that offers lead generation and borrower education, designed for both originators and borrowers. The site, MyLoanOfficer.US, is designed to feature easily-digestible information about the reverse mortgage product, while also offering users the ability to make connections with originators through […]

Reverse Mortgage Counselors See Uptick in H4P, Proprietary Sessions
Because steering is strictly prohibited in the Home Equity Conversion Mortgage world, there is little opportunity for counselors and originators to communicate. But during a panel discussion at the National Reverse Mortgage Lenders Association conference last month, reverse mortgage counselors offered their insights on current trends they are seeing via counseling sessions. Counselors on the […]

HUD to Offer Reverse Mortgage Pools for Sale
The Department of Housing and Urban Development will offer multiple reverse mortgage pools for sale in December, secured by roughly 1,150 single-family vacant properties with a loan balance of $230 million, according to an entry in the Federal Register. According to the entry, the sale will consist of due and payable reverse mortgages, held by […]

Servicers Give Updates on Non-borrowing Spouses
As complex servicing issues regarding non-borrowing spouses continue to challenge reverse mortgage originators, servicing experts offered their guidance on updates to Home Equity Conversion Mortgage servicing at the National Reverse Mortgage Lenders Association conference last month. As many loan originators continue to be a main source of loan-related support long after the reverse mortgage is […]

FHA Automates User ID Processes
The Federal Housing Administration is discontinuing paper documentation and moving to email for two parts of the user ID assignment process for application coordinators. Both changes will be effective November 9. Under one change, mortgagees’ chief executive officers will begin being notified via email when an employee has been assigned a new user id. The […]