Rate announces revamp of reverse mortgage division with industry veterans

Chicago-based multichannel mortgage lender Rate, formerly known as Guaranteed Rate, has announced a shakeup in its reverse mortgage division’s leadership by appointing two longtime industry veterans to lead the company’s efforts with older borrowers.Jesse Allen, most recently of OneTrust Home Loans

10.5 million borrowers at or over age 65 still have forward mortgages

While many older homeowners own their properties free and clear of a mortgage payment, this is not a feasible reality for many seniors. In fact, more than 10.5 million Americans at or over the age of 65 still pay into a forward mortgage loan, according to a study conducted by LendingTree.To get a be

Credit reports will be at least 20% more expensive in 2025, frustrated mortgage execs say

Executives at mortgage lenders anticipate a minimum 20% increase in credit reporting costs in 2025 compared to 2024. And the soaring costs will hit as lenders try to dig out from multiple years of financial losses and mass layoffs.In early November, Fair Isaac Corp. (FICO), the company behind the wi

FHA wants added flexibilities for borrowers renting out a bedroom

The Federal Housing Administration (FHA) on Wednesday posted a proposed Mortgagee Letter (ML) that would add flexibility for people receiving rental income from “boarders” who pay for space in an existing dwelling when considering them for an FHA-insured mortgage.Borrowers receiving rental income fr