Reverse mortgages

Bank of New York Mellon has become a big believer in reverse mortgages, particularly home equity conversion mortgages insured by the Federal Housing Administration.

Home Equity Conversion Mortgage servicers have received an additional three months to explore loss mitigation options when borrowers or their spouses have difficulty paying their property taxes and insurance.

The reverse mortgage industry is optimistic after recent reforms to the Home Equity Conversion Mortgage by the FHA and newfound respect from financial planners.

Senior citizens' equity in their homes rose by about $147 billion to $5.76 trillion, from the second quarter to the third quarter, according to the National Reverse Mortgage Lenders Association.

Loan limits for the Federal Housing Administration mortgage insurance program in 2016 will rise in 188 counties across the nation where home prices increased.

The Federal Housing Administration's annual financial report demonstrates the outsized influence of reverse mortgages on the performance of its insurance fund, fueling a debate about whether those loans belong there.

The Federal Housing Administration's unexpected windfall is already generating industry talk about another premium cut by the agency — but FHA officials insist such discussion is premature.

The report from independent auditors will likely show that FHA remains below its 2% statutory minimum capital ratio, but HUD officials and outside observers still expect it to show major improvement over last year.

The CFPB’s expanded data requirements for the Home Mortgage Disclosure Act will create a powerful tool for analyzing fair lending compliance. But some say the initiative is a massive overreach that could compromise borrower privacy.

Walter Investment Management has promoted its vice chairman to CEO, after Mark O'Brien said he will retire from that position.