New Executives at Variety of Mortgage Firms
In addition to several mortgage bankers, a reverse mortgage lender and commercial mortgage lender have made executive appointments. Meanwhile, a former bank teller has worked his way up to serve as his company's chief executive officer.
Proprietary Reverse Mortgage Production Rises
Proprietary reverse mortgage lenders lifted activity in the final month of last year. Government-insured business improved for both the retail and wholesale channels.
Ginnie MBS Issuance Modestly Higher
The Government National Mortgage Association lifted monthly securitization activity. The gain would have been more substantial if it weren't for commercial issuance.
CFPB Coming Down on Reverse Mortgage Lending
The regulator in charge of overseeing the nation's financial services has released a report highlighting borrowers' frustration with reverse mortgages and issued an order against a reverse lender.
HECM Originations Remain Elevated
The origination of government-insured reverse mortgages crept minimally higher last month. But it was still enough to reach the highest level in almost a year.
FHA November Business Slides, Delinquency Jumps
Loan delinquency worsened on government-insured loans, as did monthly originations. But new business has more recently moved up as mortgage insurance premiums moved down.
HECM Policy Change Reduces Available Draws for Some
While increasing consumer protections, program guideline changes on government-insured reverse mortgages also mean smaller draws for some borrowers.
More Relief for HECM Non-Borrowing Spouses
More changes to servicing policies on government-insured reverse mortgages are intended to provide relief for surviving spouses who weren't on the loan when it originally closed.
Retail and Wholesale HECM Biz Drops In November
The monthly origination of government-insured reverse mortgages turned lower for both the direct and indirect channels. Proprietary lending was also down.
Changes Ahead for HECM Qualifications
Borrowers on government-insured reverse mortgages will soon have to demonstrate enough equity to cover property taxes.