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.
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.
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 are finalizing rules around mortgage lending that should stand to clarify requirements for both borrowers and lenders in the mortgage market.
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 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.
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.
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 is winding down its reverse mortgage originations business including retail and wholesale operations, the company confirmed Wednesday.
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.