Reverse Mortgage Daily

• HUD Acting Leadership Geared Toward Crisis Response, as CFPB Gets New Acting Director
  The U.S. Department of Housing and Urban Development (HUD) has installed a new acting leadership team and a new permanent chief of staff, while the Consumer Financial Protection Bureau has also appointed a new acting director while new full-time positions are awaiting the Senate confirmation process according to announcements issued by the White House and […]
• Foreclosure Moratorium Extension is Biden Admin’s First HECM-relevant Action
  In the publication of the first Mortgagee Letter (ML) with relevance to the Home Equity Conversion Mortgage (HECM) program announced during the new Biden administration, the U.S. Department of Housing and Urban Development (HUD) has extended a previously-instituted moratorium on foreclosures and evictions through March 31. This is according to the publication of ML 2021-03 […]
• Reverse Mortgage ‘Transformation’ Unlikely with New President
  Today is Inauguration Day, marking the official beginning of the four-year term of the 46th President of the United States, Joseph R. Biden, Jr. Whether you voted for the incoming president or not, some in the reverse mortgage industry appear to be interested in the changes that the federal government under Biden’s watch could make […]
• CFPB Director Kraninger Resigns As Biden Takes Office
  Director of the Consumer Financial Protection Bureau (CFPB) Kathleen Kraninger has resigned from her position as head of the agency, reportedly at the request of the Joe Biden administration. This is according to the former director herself, issuing a tweet including her resignation letter on Wednesday afternoon. In her letter addressed to President Biden, Kraninger […]
• Originator Outlooks: 2021 Can Build on New Reverse Mortgage Attention
  To close out Reverse Mortgage Daily’s industry coverage in 2020, we took a look at the top stories of the year that garnered the highest readership based on our internal data. To begin the new year, we also took a look at four key trends that the reverse mortgage industry should keep an eye out […]
• Biden’s CFPB Nominee Signals Return to Bureau’s Original Posture
  President-elect of the United States Joe Biden has nominated Federal Trade Commissioner Rohit Chopra to serve as the new director of the Consumer Financial Protection Bureau (CFPB), signaling that the incoming Biden administration aims to return the Bureau to its original enforcement posture according to reporting at the Washington Post. Chopra, who has served as […]
• PRMI’s Sless Group Spearheads New Reverse Mortgage Video Series
  Primary Residential Mortgage (PRMI)’s Steven J. Sless Group, the lender’s consumer-direct retail branch focused solely on reverse mortgages in Owings Mills, Md., has spearheaded the creation of a new, reverse mortgage-focused video series designed to appeal to seniors and to present accurate information about the reverse mortgage product category. Beginning this month and launching weekly […]
• Reverse Mortgage Retail, Wholesale Volume See Similar Drops in November
  Home Equity Conversion Mortgage (HECM) endorsements fell by 9.4% in the month of November 2020, for a total of 3,390 loans according to the latest HECM Originators report from Reverse Market Insight (RMI). The fall comes in the midst of generally heightened reverse mortgage industry activity that has been taking place over the past few […]
• ReverseVision Unveils New Pricing Model, Service Tiers
  Reverse mortgage technology platform ReverseVision today announced that it has restructured its technology service plans and pricing matrix in an effort to streamline the entry of lenders into the reverse mortgage business space, while further aligning its offerings with a broader mission of allowing more adequate service to senior customers who use FHA lending programs. […]
• Senior Housing Wealth Reaches New Milestone of $7.82 Trillion
  Homeowners aged 62 and older saw their collective housing wealth increase in Q3 2020 by 1.6% compared to the previous quarter. This constitutes an increase of approximately $121 billion to a record of $7.82 trillion, according to data provided by the National Reverse Mortgage Lenders Association (NRMLA) in conjunction with data analytics firm RiskSpan. The […]

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