Q3 Senior Home Equity Hits $6.1 Trillion Mark

The National Reverse Mortgage Lenders Association (NRMLA) has reported that homeowners aged 62 and older saw an overall 2.6 percent increase of $152 billion in senior home equity in the third quarter of the year, bringing the total to $6.1 trillion.

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The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently 4.03 percent, up five basis points from this time last week. The 30-year fixed mortgage rate steadily increased last week, spiking to 4.26 percent on Friday before declining to the current rate over the weekend.

Maverick Funding Corp. has named reverse mortgage origination expert Cecilia Delgado as wholesale account executive for its Reverse Mortgage Network western region. She has been charged with expanding the Maverick Funding third-party originator (TPO) network throughout the west coast.

ReverseVision, Inc. has announced the addition of Landmark Network’s appraisal services to ReverseVision’s Reverse Loan Origination System (RLOS) platform, RV Exchange (RVX).

When a company like Bank of America causes a problem or harms individuals, resulting in a loss of equity, they typically get in trouble. If General Motors Company (GMC) releases a truck with faulty brakes, whether those brakes were farmed out to a third-party or not, GMC recalls the vehicle and gets in front of the issue. If these cases typically run true, then why hasn’t the U.S.

The Federal Housing Administration (FHA) has published a Mortgagee Letter reminding lenders participating in the agency’s Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages.

Back in late 1970s, the financial services industry was thoroughly different from the environment we know it as today. How different was it? Well, in those days, contractors were able to handle sales finance papers for their clients. And most contractors saw nothing wrong with charging upwards of 21 percent for a sales finance paper.

Back during the Vietnam conflict, many politicians subscribed to what was called "The Domino Theory,” which was, essentially, the notion that should Vietnam fall to Communist rule, so would the rest of Asia. It never happened.

ReverseVision, Inc. has announced the launch of RV University (RVU), an online education platform created to teach mortgage professionals about the reverse mortgage industry.