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Tag Archives: Reverse Mortgage

Senators Introduce Bipartisan Bill to Strengthen FHA

The Senate Banking Committee unveiled on Monday a discussion draft of "The Federal Housing Administration [FHA]" Solvency Act of 2013," a new bill designed to provide the agency with tools to strengthen underwriting, make lenders more accountable, and bolster its reverse mortgage program. The bipartisan bill was introduced by Sens. Mike Crapo (R-Idaho) and Tim Johnson (D-South Dakota), who praised FHA's role in preventing a more severe housing crash but said action is needed to repair the agency's situation.

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Report: Reverse Mortgage Trends Show Troubling Picture

While reverse mortgages can be a boon to seniors as they head into retirement, a new report from the National Center for Policy Analysis (NCPA) says trends show trouble in the market that may cost taxpayers billions of dollars. According to a 2012 MetLife survey, two-thirds of borrowers are now using reverse mortgages to pay down debt. Pamela Villarreal, a senior fellow at NCPA, expects the "troubling trend will increase as more baby boomers enter retirement."

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Walter Investment Doubles Reverse Mortgage Servicing Book with New Acquisition

Walter Investment Management Corp. announced Tuesday that its wholly owned subsidiary, Reverse Mortgage Solutions, Inc. (RMS), has acquired a reverse mortgage servicing portfolio containing more than 76,000 loans from Wells Fargo Home Mortgage. The portfolio has an unpaid principal balance of about $12.2 billion and is expected to transfer to RMS during the third quarter of 2013, Walter Investment said in a release. The transaction will double the size of Walter Investment's serviced book, according to CEO and chairman Mark J. O'Brien.

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Ocwen Completes Purchase of Nation’s Biggest Reverse Mortgage Lender

Ocwen Financial Corporation announced the closing of its deal to acquire the country's largest reverse mortgage lender. The Atlanta-based financial services holding company announced in October it had entered into an agreement with Genworth Financial Corporation to purchase Liberty Home Equity Solutions, at the time known as Genworth Financial Home Equity Access. The purchase price was approximately $22 million. Ocwen CEO Ron Faris said the deal "positions [Ocwen] well in a market with enormous future growth potential."

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FHA Announces Imminent Reforms to Rebuild Capital

Federal Housing Administration commissioner Carol Galante announced Wednesday a series of changes to be issued this week that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The announced changes include consolidating FHA's reverse mortgage program, raising of mortgage insurance premiums, and requiring borrowers to continue paying annual insurance premiums for the entire life of their mortgage loans.

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AFR Mortgage Rolls Out Reverse Mortgage Products

Despite significant current challenges in the reverse mortgage market, American Financial Resources, Inc., recently rolled out a full range of related loan products. Based in Parsippany, New Jersey, AFR Mortgage will launch the new initiative in the company's home state, giving borrowers who are over the age of 62 access to the specialty loans.

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