Reverse mortgage servicers must be licensed through the Connecticut Banking Commissioner starting January 1, 2015, according to legislation recently signed into law by the governor.
The Fed published the results of a new online survey, which found that 31 percent of non-retired respondents have no retirement savings or pension, including 19 percent of those ages 55 to 64.
Research published by the Center for Retirement Research concluded that the average American household must save roughly 15 percent of its annual income to sustain the same lifestyle in retirement.
The latest changes to the HECM program seem to be on target to reduce default according to the results of a paper issued in July by a team of researchers at Ohio State University
In response to member inquiries, NRMLA’s General Counsel has prepared a short memorandum that summarizes and explains current applicable rules affecting the ordering and provisions of appraisals.
The reverse mortgage capital markets experienced another important milestone as Structured Asset Securities Corporation Reverse Mortgage Loan Trust Series 1999-RM1 became the second securitization trust of such loans to pay off completely.
The Federal Housing Administration announced this week that HECM servicers may request up to two 60-day extensions from foreclosing on surviving non-borrowing spouses living in the property.
Louisiana’s legislature recently enacted House Bill 807, which requires mortgage servicers (including reverse mortgage servicers) to become licensed.
Senators Barbara Boxer and Charles Schumer submitted a letter to Housing Secretary Shaun Donovan expressing concerns that servicers are unfairly foreclosing on the heirs of reverse mortgage borrowers.
NRMLA submitted comments to the National Technical Information Service requesting a new certification program that provides limited access to the “Death Master File” be made permanent.