Despite holding trillions of dollars in home equity, U.S. homeowners are struggling to tap into it according to a report published by Point, an alternative equity release company.Continue reading
Does Mutual of Omaha’s purchase of Synergy One Lending signal the return of big banks to reverse mortgage lending?Continue reading
Beyond generational lending: Bank and lender partnerships
On it’s face the reluctance of mortgage lenders to offer reverse mortgages could be seen as a setback. Recent survey results from the Stratmor Group’s sampling of 120 traditional mortgage lenders reveal only 35% currently offer the HECM. The number one reason given by those not offering the loan was reputation risk followed by distractions from their core business, a lack of internal HECM expertise, and profitability concerns. In light of these findings, HECM professionals could find an opportunity to provide an external solution that meets the needs of the homeowner and assuages the concerns of traditional lenders.
Much attention has been given to the concept of generational lending which provides a variety of situation-specific mortgage products throughout the life of their customer, their children or parents. While this holistic approach to mortgage lending is admirable as it is practical, few lenders offer both traditional and reverse mortgages.
With falling FHA case numbers showing fewer qualified borrowers, and several years of stagnant endorsement volumes, lenders and originators alike are seeking out new ways to attract qualified homeowners. Mindful of this much of the recent conversation has centered on expanding referral partnerships with financial professionals or realtors to leverage the HECM for Purchase. However another opportunity has been largely overlooked, and that opportunity is hiding in plain sight across small towns and large cities…
In the wake of the aftershocks of the two largest reverse mortgage lenders leaving MetLife announced last Thursday they are leaving reverse mortgage lending. A look at the potential causes and more importantly the impact on our industry.Continue reading
UPDATE: Here’s a link to another article on NMLS licensing & the SAFE Act by Richard Booth.
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Consumer Financial Protection Bureau Regulations
Shouldn’t we all play by the same rules?
The Consumer Financial Protection Bureau (CFPB) says all mortgage originators should play by the same rules…even chartered banks. Why does it matter? What are the two different standards that exist today?
Watch this week’s video and post your opinion.
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The Future Of The Reverse Mortgage Industry
Will our industry disappear due to economic pressure and regulation?
Our commentary examines while we are small segment of mortgage lending are we irreplaceable nonetheless? It’s a look at an industry coming of age.
Watch this week’s video and leave your comments below.
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Opportunity in Reverseville:
To learn more about marketing to banks and credit unions join our free webinar Wednesday October 5th at 10am.
You can also get more information and great videos at RM Bank Blueprint here.
Big Names disappear, survivors grow
It’s strange to no longer see the familiar name of Bank of America on the top lenders report. Wells Fargo remains because endorsements usually trail applications by 3-4 months so soon they will fade from the top 10. What’s most interesting are the large and medium lenders who have begun to grab some of the market share left in the absence of Wells & B of A.
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You can click to see our video on race for market share.