Category — Reverse Mortgage Daily
CFPB To Mortgage Originators: We Hear Your Compensation Concerns
The Consumer Financial Protection Bureau says it is listening to mortgage industry feedback in its loan originator compensation rule making. A federal official told industry members Tuesday that its recent rule making discussion is far from final, according to a report from National Mortgage News. Additionally, the CFPB says it will consider industry input as [...] Read More...
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May 18, 2012 No Comments
Silvergate Grows Reverse Mortgage Business for Near-Record Earnings
Silvergate Bank announced near-record earnings Tuesday, citing $53.5 million in reverse mortgage purchases as making a strong contribution to the bank’s bottom line. The La Jolla, Califonia-based bank reported net income of $1.0 million for the first quarter of 2012, up 33% from $773,000 in the first quarter of 2011. “The largest factor in the [...] Read More...
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May 18, 2012 No Comments
Reverse Mortgage Lenders are Gearing up For Growth, Now Hiring
Reverse mortgage lenders are hiring now more than ever following big bank exits from the business. The list of lenders on the search has grown to include companies large and small, from phone originators to boots-on-the ground. Urban Financial, Cherry Creek, Genworth Financial and Reverse Mortgage Solutions are all hiring and the list continues to [...] Read More...
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May 18, 2012 No Comments
Higher-Income Households Soon to Be FHA Borrower Majority?
A new study finds the Federal Housing Administration is largely serving a population it didn’t necessarily set out to assist. Instead of aiding low-income borrowers, the FHA is increasingly serving home buyers whose incomes exceed those of average Americans, according to a report released Thursday by the George Washington University’s Center for Real Estate and [...] Read More...
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May 18, 2012 No Comments
Homes for Sale Fall 21% From 2011, Drag Prices Along
The number of homes on the market for sale was down 21% nationally in May from May 2011, a monthly report from Pro Teck shows. The figure has a direct impact on the prices in various markets, the valuation services company says. The volumes of homes for sale has declined as much as 40% to [...] Read More...
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May 18, 2012 No Comments
Is the CFPB Creating a “Seismic Shock” Through LO Comp Rule Making?
The question of the Consumer Financial Protection Bureau’s take on the way in which loan originators are compensated has sparked conversation this week following an outline of the CFPB’s plans for upcoming rule making which would place controls on discount points, origination fees and broker compensation. “The Consumer Financial Protection Bureau (CFPB) is considering putting [...] Read More...
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May 18, 2012 No Comments
NCOA to Congress: Take Note of a New Trend in Reverse Mortgage Borrowers
While some lenders are now marketing to the reverse mortgage borrower who is not looking for a long-term financial fix, some industry affiliates are also beginning to note the potential for a new type of borrower to emerge. During a Congressional hearing last week, a National Council on Aging representative spoke of the “new trend” [...] Read More...
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May 18, 2012 No Comments
Friday Round-Up: Reverse Mortgages In The News, New LO Comp Concerns
In case you missed it, here’s what happened in reverse mortgage news this week. Reverse mortgage products made headlines… From a CBS local TV news segment to financial planning publication Registered Rep and mainstream outlet CNBC, coverage this week included an in depth look into reverse mortgages, in some cases presenting an entirely new view. [...] Read More...
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May 18, 2012 No Comments
