Reverse Mortgage Magazine, July-August 2017
Thirty years have passed since Wisconsin Democratic Senator William Proxmire sponsored the Housing & Community Development Act of 1987, which led to the creation of the Home Equity Conversion Mortgage demonstration program.
Significant anniversaries are always a time for reflection and so we thought the timing was appropriate to look at how we got to where we are and where we might go. Staff reporter Mark Olshaker interviewed a dozen industry leaders who either played a significant role in the history of the HECM program or are currently guiding the largest organizations.
Become a Certified Reverse Mortgage Professional
One of our goals as an industry trade association is telling consumers with confidence, you can depend on a NRMLA member. Saying it is one thing; proving it is another. That is why NRMLA created the Certified Reverse Mortgage Professional (CRMP) designation.
In every industry, there are those individuals who strive to excel. They often do so by earning a credential that distinguishes them as being among the most knowledgeable, the most competent and the most ethical and professional.
Industry & Member News
August 17, 2017
Financial Assessment is still working. FHA’s new policy of requiring the financial assessment (“FA”) of the borrower’s ability to pay has cut tax and insurance default by nearly three quarters and serious defaults by almost two-thirds. These results continue to validate the encouraging data we shared 3 months and 6 months ago. FHA’s objective for … more Financial Assessment Is Working (Part III)
August 15, 2017
The HMBS market grew in July, featuring a new issuer and lower prepayments. HMBS prepayments fell below $1 billion as thirteen issuers created 109 pools in July totaling over $848 million. Longbridge Financial made its HMBS issuance debut with two pools totaling $54 million. July issuance divided into 46 original pools and 63 tail pools. … more HMBS Shrinkage Takes Summer Vacation; Issuer Beach Getting Crowded
August 11, 2017
The HOPE NOW Alliance will conduct its fourth educational seminar this year in Southern California for reverse mortgage borrowers and their families on September 16 at the West Covina Senior Center, located near downtown Los Angeles. The HOPE NOW Alliance is partnering with ClearPoint Credit Counseling Solutions in 2017 to conduct five reverse mortgage assistance events in California. The … more Next HOPE NOW Event in California Scheduled for September 16
August 11, 2017
Consumer spending among Americans aged 55 and over fell in 2015 and 2016, according to a recent report by the JPMorgan Chase Institute, which may not bode well for the U.S. economy if the trend continues. That’s according to MarketWatch retirement columnist Steve Vernon in his latest column, The downside of seniors spending less to save more. … more Senior Spending Declines Two Straight Years