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Tag Archives: Reverse Mortgage

Ex-HUD Officials, Lawmakers Lead New Housing Commission

Lawmakers and policymakers from both sides of the aisle recently teamed up to head a bipartisan commission on the future of U.S. housing policy. The Bipartisan Policy Center, a D.C.-based nonprofit organization, floated commission leaders whose names include former HUD secretaries Henry Cisneros and Mel Martinez, ex-Sen. Kit Bond, and onetime Senate Majority Leader George Mitchell, who also founded the organization. The commission will finalize the details of these recommendations in a major package for current lawmakers and policymakers.

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Fed Rejects MetLife Plan, Likely Speeding Mortgage Exit

Fed

In a blow to MetLife, the Federal Reserve rejected a plan by the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós biggest life insurer to move forward with stock repurchases and capital redistribution plans, likely accelerating the company├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós departure from the mortgage markets. The news arrives on the heels of an announcement by the company to sell off MetLife Home Loans, the division responsible for originating residential and reverse mortgages. In a statement, MetLife said that it had recently sent a capital redistribution proposal to the Fed in order to shore up annual dividends.

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Obama Picks Galante for FHA Chief Amid Partisanship

President Barack Obama fielded HUD official Carol Galante as a new nominee to head up the Federal Housing Administration, even as the future for other federal nominees remains unclear. The White House announced the decision in a statement in which the president offered new names for other posts. It remains uncertain whether any of the current partisan wrangling over other nominees will impact the confirmation process for Galante. Also in line for his confirmation: Consumer Financial Protection Bureau director-nominee Richard Cordray.

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Survey: Originators Thriving Despite Rules, Regulations

Mortgage originations are on their way up despite the onset of new rules and regulations, according to a recent survey by MortgageDaily.com. Also included: how top originators thrive in today├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós tough market. The results? Three-quarters of those polled make $250,000 a year, even as many of the same lenders decry mortgage rules and regulations. Much of the survey's findings follow departures from the industry by major mortgage lenders, grim economic outlooks, and more.

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B of A Moves to Shut Down Correspondent Lending Unit

An inconclusive search for a buyer will lead Bank of America to shutter the mortgage correspondent unit it had originally hoped to sell. The move means the mortgage giant will wipe its hands of the correspondent business by yearend, with a series of transitions in store for the 1,200 or so employees currently on the payroll. It also tracks a broader strategy deployed by the bank to trim billions in expenses, shore up liquidity, and fend off suits over mortgage-backed securities from federal agencies.

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More Q2 Layoffs for Mortgage Professionals

Mortgage brokers, originators, and other loan production personnel continue to face a tough jobs market as two mortgage giants slashed their payrolls, according to second-quarter employment numbers released by MortgageDaily.com. The mortgage Web site predicted that bad loans and invitingly low mortgage rates could create the pickup needed for lenders to hire more brokers and loan officers. The results follow much worse numbers from the first-quarter over 2011.

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Tax Deferrals Over for Reverse Mortgage Holders

Oregon's senior citizens with reverse mortgages will no longer be eligible for the state├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós tax deferral program. The initiative recently announced that reverse mortgage applicants won├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót be considered for the program. Homeowners already using the deferral advantage were told in July that they are required to reapply for the statewide program no later than July 25. Additional alterations to the program's format include more stringent asset limits, stricter income criteria, and a five-year minimum for prior residency in the qualifying home.

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Industry Leaders: Reverse Mortgage Rules Too Much

In a prepared statement that it submitted to the Senate Financial Institutions Subcommittee, the American Bankers Association aired concerns about a dry-up in risk in the financial markets, an increasingly serious dilemma that it blamed on Congress for trying to prevent past mistakes from occurring again. The ABA delivered the statement in response to a new loan officer compensation law, a voluminous text with multiple rules and regulations that drove up costs and lost hours for brokers.

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