Reverse Mortgage of America, Seattle, has announced the introduction of a jumbo reverse mortgage product called The Independence Plan.Designed for owners of higher-value homes, the new product can provide a higher percentage of available home equity to borrowers, exceeding the federal loan limit on reverse mortgages, the company said. The Independence Plan functions similarly to the Federal Housing Administration's Home Equity Conversion Mortgage and Fannie Mae's HomeKeeper programs, but is funded by a third-party lender. The loan provides senior citizens with more available cash than any other plan, Reverse Mortgage of America said. "For example, a HECM would provide a typical 73-year-old couple with an appraised home value of $700,000 with $206,008 in available funds," the company said. "Using The Independence Plan, this same couple would not have to pay loan fees, netting $298,200 in available funds, a difference of $92,192." The company can be found on the Web at http://www.seattlemortgage.com.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18