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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity.

Equity 370
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FHA borrowers would get mortgage insurance relief through proposed House bill

Housing Wire

House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans.

FHA loan 418
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Mortgage servicing startup Valon raises $100M in Series C funding round

Housing Wire

Fast-growing mortgage servicing platform Valon has secured $100 million in a Series C funding round, the company announced this week. Valon intends to use the fresh capital to boost product development and expand its reach to new markets. The company is now servicing $65 million in mortgages, equating to 400% annualized growth.

Mortgages 448
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Reverse mortgage pro shares how he became a HECM customer

Housing Wire

Tim Nelson, a longtime reverse mortgage industry professional and reverse department manager at VIP Mortgage in Scottsdale, Arizona , spent 20 years in the home lending arena before shifting his focus entirely to reverse. Nelson is now a reverse mortgage borrower in addition to being an industry professional.

Mortgages 370
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Oregon reverse mortgage bill that could halt proprietary business may be amended

Housing Wire

The Oregon state senates Committee on Housing Development held a hearing last week on a piece of proposed legislation that seeks to limit the amount of equity a reverse mortgage lender can receive after the sale or transfer of a property. Senate Bill (SB) 534 is positioned primarily as a consumer protection measure.

Mortgages 335
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As LA fires burn, reverse mortgage industry emphasizes need for servicer, insurer contacts

Housing Wire

Representatives from lenders and servicers, as well as individual originators, have told HousingWire s Reverse Mortgage Daily (RMD) that its imperative for borrowers to let their servicer know about anything that could impact the occupancy of their property due to the terms of Federal Housing Administration (FHA)-backed reverse mortgages.

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A closer look at investor attitudes and trends in reverse mortgage stocks

Housing Wire

With several top 10 reverse mortgage lenders now active in some form within the U.S. Executive leaders there pointed to the performance of the company’s proprietary loan products and trends in the Home Equity Conversion Mortgage ( HECM ) space as favorable.

Investor 370