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Reverse Mortgage Daily

California Presses CFPB for More Mortgage Disclosure Transparency

More than 40 organizations in California are calling on the Consumer Financial Protection Bureau (CFPB) to bring greater transparency to the Home Mortgage Disclosure Act (HMDA) to address a variety of proposals, including those related to non-borrowing reverse mortgage spouses.

Ocwen Woes Continue as CEO Pens Apology to Borrowers

Amid an ongoing investigation by the New York Department of Financial Services (DFS) into the servicing practices of Ocwen Financial Corporation (NYSE: OCN), the company has issued an apology to any homeowners who may have been affected by misdated letters regarding foreclosure or loan modification.

Some HECM Originators See Loan Increases, Despite Overall Drop in Volume

Home equity conversion mortgage (HECM) endorsement volume dropped 20.6% in August, its lowest level since mid-2005, according to the latest data analysis from Reverse Market Insight (RMI). 

Regulators Finalize Mortgage Lending Rules to Align With QM

Regulators are finalizing rules around mortgage lending that should stand to clarify requirements for both borrowers and lenders in the mortgage market. 

Is the Media Coming Around to Reverse Mortgages?

Reverse mortgage: last resort. Such is the mantra of many mainstream news outlets over the last two decades. But while the reverse mortgage industry has faced its share of challenges in terms of public perception over the years, for the first time — perhaps ever — mainstream media may be taking a lasting turn in favor of the product.

Walter Preps for More Servicing Scrutiny by Regulators

Walter Investment Management Corp., the parent company of two reverse mortgage originators and holder of billions of dollars worth of reverse mortgage servicing rights, is facing more scrutiny among regulators this week, the company disclosed.

Average Loan Age Hits Highest Point Ever

The weighted average loan age has reached its highest on record at 54 months. And while the average loan age differs significantly by credit score bucket, in general the average loan age has been rising steadily for the past nine years, according to the analytics division of Black Knight Financial Services’ (BKFS) latest Mortgage Monitor Report, based on data as of the end of August 2014. 

Mortgage Business Expanding as HELOC Volume Nets Five-Year High

Lenders have increased their origination of home equity lines of credit (HELOCs) by 21%, surging to a five-year high in loan volume, Bloomberg reports in a recent article.

Generation Mortgage to Exit Reverse Mortgage Originations

Generation Mortgage is winding down its reverse mortgage originations business including retail and wholesale operations, the company confirmed Wednesday.

Mass. Face-to-Face Reverse Mortgage Counseling Troubles Continue

Massachusetts reverse mortgage lenders and counseling agencies are continuing to rally support an en effort ensure a face-to-face counseling mandate does not take effect for all prospective reverse mortgage borrowers.