Revisions intended to streamline and improve certain mortgage procedures are among the top priorities of the Consumer Financial Protection Bureau as 2015 fast approaches
The increase in reverse mortgage endorsements in September spread the growth virtually identically across the retail and wholesale channels, the latest Reverse Market Insight report shows.
As the Consumer Financial Protection Bureau (CFPB) continues its crackdown on mortgage lenders for unsavory practices, industry insiders say the bureau’s actions open the gate for further lawsuits and enforcement actings which can weaken already vulnerable companies.
In the latest development in ongoing litigation around reverse mortgage non-borrowing spouses, plaintiffs are moving for renewed class certification in a class action lawsuit filed by the AARP Litigation Foundation on their behalf.
Following the release of Mortgagee Letter 2014-22, Federal Housing Administration (FHA) officials hosted a conference call briefing for the industry Tuesday, noting that “there’s clearly a lot of interest” on this topic, particularly the new seasoning requirements.
Whether the market is up or down, one thing is certain: There’s a lot of potential energy in the housing market just waiting to be released. And this potential energy might just be hiding right underneath mortgage lenders’ noses.
Despite record performance for some individual reverse mortgage lenders in 2014, the industry as a whole sank in volume for the fiscal year ending September 30, according to endorsement data from the Department of Housing and Urban Development (HUD).
The reverse mortgage industry has seen, quite possibly, the most rapid rate of program change it has ever experienced over the course of the last 18 months.
Total home equity conversion mortgage (HECM) endorsement growth saw a big jump in October, the latest Reverse Market Insight (RMI) report shows.
The National Reverse Mortgage Lenders Association (NRMLA) is making a push for Fannie Mae to once again begin purchasing reverse mortgages, and is urging that Freddie Mac be enabled to purchase Home Equity Conversion Mortgages as well.