Reverse Mortgage Magazine, September-October 2017
In the last issue of Reverse Mortgage Magazine, inspired by the 30th anniversary of the HECM program, staff writer Mark Olshaker interviewed a dozen industry pioneers and current leaders on how our industry got to where we are and where we are headed.
For the September/October issue, Olshaker discussed the same topic with people outside the industry who have worked closely with us over the years—former HUD officials, journalists and academics. Among the interviewees was Jamie Hopkins of the American College of Financial Planning, who believes that a missing element in the national reverse mortgage conversation is an independent, third-party, non-biased research firm to help shape public policy. In other words, “a think tank focused on reverse mortgages,” wrote Editor Marty Bell in his introduction.
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Industry & Member News
September 21, 2017
The Federal Housing Administration published a policy waiver on the timeframe for completing inspections of properties prior to closing or submitting mortgages for insurance endorsement in Presidentially-Declared Major Disaster Areas of Florida impacted by Hurricane Irma. The Department of Housing and Urban Development announced separately that it would grant a 90-day moratorium on foreclosures and … more FHA Provides Property Inspection Waiver for Florida and Foreclosure Relief for Georgia Counties
September 21, 2017
The California Department of Business Oversight (DBO) recently issued an Interpretative Letter regarding the cooling off period for reverse mortgage application processing as governed under the California Civil Code. In the Interpretative Letter, the DBO provides guidance regarding whether a lender may take a reverse mortgage loan application prior to the expiration of the seven-day … more Guidance on California’s “Cooling Off” Period
September 18, 2017
The HMBS market remained stuck at $55 billion in August. HMBS Prepayments topped $1 billion, but was balanced by 92 new pools totaling over $913 million. In its second month of issuance, Longbridge Financial led all issuers with nine pools totaling $215 million. August issuance divided into 52 original pools and 40 tail pools. No … more $55 Billion Speed Limit Slows HMBS Market Growth
September 14, 2017
On Wednesday, President Donald Trump announced his intention to nominate Brian Montgomery for the position of Assistant Secretary of the Department of Housing and Urban Development, Federal Housing Commissioner. NRMLA President and CEO Peter Bell responded to the news with the following statement: “On behalf of NRMLA, I’m pleased to congratulate Brian Montgomery on his nomination to … more Montgomery Nominated to Head FHA, Patenaude Confirmed as HUD Deputy Secretary