Reverse mortgages

The Federal Housing Administration is extending processing hours for reverse mortgages this weekend to accommodate a rush to get loans approved ahead of rule changes coming Oct. 2.

Reverse mortgage lenders are stretched thin to the point of having to turn borrowers away as seniors rush to get ahead of Home Equity Conversion Mortgage changes that will raise fees and lower loan limits.

Nearly half of the properties are in New York (30.3%), New Jersey (10.4%) or Florida (8.7%), states that require a court to sign off on a foreclosure, a lengthy process that could affect the timing of payments.

A federal judge awarded treble damages totaling $296 million in a False Claims Act case alleging Texas lender Allied Home Mortgage defrauded the Federal Housing Administration mortgage program.

Wells Fargo has made more layoffs within its Fort Mill mortgage operation, according to a notice filed with the state of South Carolina.

The agency will charge higher upfront premiums for most Home Equity Conversion Mortgage borrowers while lowering the annual premium.

The year opened with hopes that regulatory and enforcement pressures would abate for the mortgage industry. The reality has turned out quite differently.

The U.S. population is aging, and one of the well-established components of the American dream — buying and owning a home — appears poised to aid in the baby boomers' next phase of life.

Nearly 10% of Walter Investment Management Corp.'s employees will lose their jobs after it closes Ditech's Irving, Texas, office, a notice filed with the Texas Workforce Commission said.

The Department of Housing and Urban Development is implementing reforms to its reverse mortgage program and providing more counseling resources for seniors who are considering the product, Secretary Ben Carson said Monday.