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Longbridge has a new addition to its proprietary reverse mortgage suite

Housing Wire

The Platinum Peak product suite aims to offer higher available loan-to-value (LTV) ratios, which are designed to translate into higher loan proceeds for borrowers, according to the announcement. Principal agents and closed loan sellers can ask their LOS administrator to add it to their available product menu, the company said.

Mortgages 349
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The biggest challenge for the reverse industry in 2024? Mortgage rates

Housing Wire

With Home Equity Conversion Mortgage (HECM) volume declining on an annual basis, many industry participants cited at least one key factor that couldve driven the decline, but the view was not universal. We’re expanding our reach, becoming a principal agent in a lot of states, Moriello said.

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Alternate equity companies see a lot of potential in senior citizens

Housing Wire

The resurgence of alternative home equity tapping companies in the past few years has been of interest to the reverse mortgage industry due to the potential that business has to compete for seniors’ business. Seniors’ response to alternative equity tapping since COVID-19 onset. Eoin Matthews, CBO and co-founder of Point.

Equity 418
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Reverse mortgage conversion software adds Smartfi proprietary product

Housing Wire

The HECM Tool a software platform designed to serve as a reverse mortgage sales conversion tool announced this week that it has integrated the proprietary reverse mortgage offering from Smartfi Home Loans into the platforms existing visualization and comparison capabilities.

Mortgages 284
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New planning tool arrives as California prepares for more accessory dwelling units

Housing Wire

A private planning firm in California is launching a new tool to help local governments there prepare for a pending law designed to spur more construction of accessory dwelling units (ADUs). The prefabricated units, which span 361 square feet, are designed to reduce construction costs and minimize environmental impacts.

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Finance of America announces debt restructuring, staving off 2025 maturity risk

Housing Wire

The first is for up to $200 million in aggregate principal of senior secured first-lien notes due in 2026, while the second is for up to $150 million in aggregate principal of exchangeable senior first-lien notes due in 2029. This is the latest move undertaken by FOA to improve the financial posture of the company.

Finance 417
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NRMLA, MBA provide comments on HECM application, origination documents

Housing Wire

MBA and NRMLA each state that they are generally supportive of the proposed changes, which include wholesale revisions to the lender table for the best estimate of the total cost of a refinancing to the borrower, as well as increases to the borrower’s principal limit. Department of Veterans Affairs (VA) loans.

VA loan 448