Reverse mortgages

Northmarq CEO Jeff Weidell will be installed as vice chairman this October. After a year in the role, he is expected to be chairman-elect in 2028 and then chairman in 2029.

In addition expanding the types of loans eligible for the reverse product, the policy creates a flexible borrower counseling timeline to facilitate lending.

The company's plan to reduce the servicing rights sold helped it clear one key hurdle to its agreement with Finance of America.

Finance of America's earnings per share came out to $1.10, double that of the first quarter of 2025 and well above the a S&P Capital IQ Pro consensus estimate of $0.84.

"In looking at eight currently available proprietary RM products, there is a distinct relationship between HECM growth rates and proprietary product availability," Reverse Market Insight said.

More than 21% of reverse mortgage clients entered counseling with a deficit in their monthly budget last year, almost double the 12.2% of clients in 2024.

The product preserves borrower's first mortgage, and its potentially lower mortgage rate, without requiring the new monthly payments of a traditional HELOC, FOA says.

HECM endorsements rose 16% in March to 2,117 loans, but monthly volumes remain near their slowest pace since last summer as proprietary reverse products quietly steal market share.

On an adjusted basis, reverse mortgage company Finance of America reported $14 million in net income, down from $33 million in the third quarter.

Mutual of Omaha, Finance of America and Longbridge Financial rank at the top of HECM endorsements over the past 12 months, Reverse Market Insight reported.

The two organizations announced the Certified Home Equity Advisor credential, which will help financial professionals integrate home equity in retirement plans.

The reverse mortgage companies squeezed thousands of dollars out of aging homeowners through various illegal fees, according to a new class action suit.

The Department of Housing and Urban Development is selling more due-and-payable HECMs on homes that are occupied while reviewing the loan program.

Finance of America is buying Onity's MSRs and loan pipeline in this niche as PHH retains its role as a subservicer and remains involved in buyout securitization.

Home price modeling changes hurt FOA's third-quarter interim results but it was in the black between January and September on a continuing operations basis.

The former American Fidelity Financial Services LO helped others scam homeowners out of their loan proceeds for shoddy or nonexistent home repairs.

One loan sale is planned for Wednesday, while the other is tentatively happening in September. All-in-all, the two offerings are worth close to $1 billion.

Prior to the earnings release, Finance of America announced it was buying out Blackstone's equity stake in the mortgage lender for $80 million.

Proprietary reverse loans are typically available to a larger range of borrowers and come with higher loan limits than the Home Equity Conversion Mortgage.

Much of the increase came from the wholesale channel, where margins were thinner, leaving them flat on for the origination unit on a sequential quarter basis.