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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 417
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New York bill would require reverse mortgage lenders to strengthen consumer disclosures

Housing Wire

It seeks to establish a state-level information summary for the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage ( HECM ) program. It added that lenders eager to tap the equity in these homes are sometimes aggressive to foreclose and see a return on their investment.

Mortgages 337
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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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HUD seeks public comment on updates to reverse mortgage documents

Housing Wire

Department of Housing and Urban Development (HUD)’s Office of Policy Development and Research is seeking public comment related to application and origination documents for the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program, according to a notice published this week in the Federal Register.

Mortgages 446
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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
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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 411