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Reverse Mortgage Daily

Senate Bill Would Shield Companies from Falling Under CFPB Reign

A bill introduced last month before a Senate subcommittee would shield certain financial institutions with less than $50 billion of total assets from examination and reporting requirements of the Consumer Financial Protection Bureau (CFPB). 

Reverse Mortgage Volume Drops 7.4 Percent in June

Dropping from the previous month’s growth, both reverse mortgage retail volume and wholesale/broker volume were down in June, at 9% and 5.2% declines respectively, the latest Reverse Market Insight (RMI) report shows.

Bankrate: 26 Percent of Older Americans Lack Retirement Savings

Twenty-six percent of 50 to 64-year-olds have not saved any money for retirement, according to a new Bankrate.com report. And the same applies to 14% of people 65 and older.

Nationstar Cuts 160 Mortgage Servicing Jobs

Nationstar Mortgage has laid off roughly 160 employees in its performing servicing division across three states, reports Inside Mortgage Finance.

Reverse Mortgage Securities Stagger to Monthly Low in July

In July 2014, issuance of Home Equity Conversion Mortgage (HECM) mortgage backed securities (HMBS) hit one its lowest monthly levels since 2009, however, recent program changes may bring some upside in the remainder of the year, according to recent commentary from New View Advisors. 

Up to $79 Billion in HELOCs Said to Have Default Risk

Up to $79 billion in home equity lines of credit (HELOCs) originated during the housing boom of the mid-2000s could be at elevated risk of default in the coming years, suggests a recent study from TransUnion.

New Research Sheds Light on Reverse Mortgage Default Prevention

Findings of a reverse mortgage study conducted by researchers at the Ohio State University have been published, recognizing that there are some solutions available that can help lead to fewer tax and insurance defaults among borrowers.

After 18-Month Low, Reverse Mortgage Volume Stages July Comeback

After reporting an 18-month low in June, reverse mortgage volume has begun to make a slight comeback in July, both nationally and among several of the top-10 lenders, according to the latest report from Reverse Market Insight (RMI).

Government Watchdog Launches Probe into CFPB

The Government Accountability Office will conduct a review of the Consumer Financial Protection Bureau’s (CFPB) organizational culture and management practices in light of allegations that CFPB managers are discriminating against employees based on race and gender and retaliating against employees who complain.

Reverse Mortgage Volume On Pace to Fall Short of 2012 Level

Following very low years for volume in 2013 and 2012, it’s still unclear as to whether volume in 2014 is on pace to surpass its previous years’ totals.