Video presentations of new mortgage rules can now be viewed on the Consumer Financial Protection Bureau’s YouTube playlist, the bureau announced Wednesday. The playlist includes a 69 minute overview of new 2013 mortgage rules, which has already garnered more than 300 views, along with shorter individual video presentations of six different rules.
Reverse Mortgage Lenders Direct has expanded its online presence and market reach with the finalized acquisition of three different reverse mortgage websites: myreversemortgagesite.com, reversemortgagerescue.com, and yourreversemortgagealternative.com.
With the first of the 78 million baby boomers turning age 65 in 2011, the nation will have to address the housing demand this demographic will require in the coming years, especially as many of them will want to “age in place.”
Today, the Consumer Financial Protection Bureau (CFBP) issued several clarifications to its mortgage servicing rules. The proposal concerns CFPB’s Ability-to-Repay rule, among other clarifications the bureau makes clear.
Potential changes to the approval process for direct endorsement lenders may raise the barriers to entry for the reverse mortgage business. By requiring test cases for closed loans rather than loans that are in process pre-closing, some may be prohibited from applying for DE approval based on the higher risks associated.
On the heels of several high-profile reverse mortgage acquisitions as well as the loss of the most popular reverse mortgage product, lenders may be looking to consolidate even more in order to capitalize on existing opportunities in a down market for loan volume.Click to continue
Among technology efforts being pursued by the Federal Housing Administration is the potential for borrowers to e-sign their loans before becoming insured by the agency.
The implementation of new data submissions standards and development of an electronic case binder format are among additional tech efforts under way by FHA, National Mortgage News reports.
Following the projection by the Office of Management and Budget that the Federal Housing Administration could require a first-ever bailout in the amount of $943 billion, some are outraged while others say it could have been much worse.
The projections indicate the shortfall is due to FHA’s reverse mortgage program, but indicate based on upward re-estimates of FHA’s financial position in 2014 that forward loans should result in a reserve surplus of more than $4 billion with reverse mortgages facing a potential shortfall of $5 billion.
In a quarterly tally of reverse mortgage securities issuance through Ginnie Mae’s HECM-backed mortgage securities (HMBS) program, Reverse Mortgage Solutions (RMS) has maintained its position for the highest level of HMBS issuance during the quarter, according to a report by New View Advisors.
With 63 pools totaling nearly $905 million during the first quarter, RMS remained the No. 1 issuer by total dollar amount, with Urban Financial, Live Well Financial, Generation Mortgage and Nationstar comprising the remainder of the top five issuers, New View finds.
Withstanding the deepest recession since the Great Depression is the key cause of the Federal Housing Administration’s reverse mortgage troubles, a panel of policy experts reported before members of the House Financial Services Committee Wednesday.
But those problems can be solved through current policy decisions as well as upcoming policy changes pending the approval of Congress, they said, stressing the need for FHA to garner more authority from Congress to make the program changes it needs in order to be sustainable.