BNY Mellon will launch a new business later this year that would enable it to purchase, securitize and service reverse mortgages and provide advisory services to lenders that offer such loans. The new business segment, Home Equity Retirement Solutions, is aimed primarily at retirees experiencing significant financial shortfalls. “We view the funds generated by suitable reverse mortgages as an additional fixed-income component of retirement portfolios, an important part of retirement planning that complements other aspects of the plan,” explained Michael Gordon, managing director for BNY Mellon Investment Management. Gordon noted BNY’s long record of accomplishment working with retirees, including managing assets for 401(k) and defined benefit investments. He said reverse mortgages may now be more prudent based on ...

NY Passes Bill to Reduce Number of FHA Loans that Would Fall Under Subprime. The New York Assembly recently passed legislation that would result in fewer FHA loans being classified as “subprime” under state banking law, according to the law firm Ballard Spahr. Already passed by the Senate, the bill would make permanent prior emergency rules issued by the Department of Financial Services, which raised the subprime threshold 75 basis points for those loans subject to the revised FHA mortgage-insurance premium cancellation policy. Although the emergency rules were set to expire on Dec. 31, 2013, the DFS granted an extension to allow the state legislature additional time to find a permanent solution, said Ballard Spahr attorneys. The bill passed with overwhelming bipartisan support and strong industry backing, and is expected to ...

The agency MBS market did grow by a slight 0.1 percent during the first quarter, but all of the credit goes to Ginnie Mae.

However, two of the largest home-equity lenders – Bank of America and Chase – both reported modest increases in production during the first quarter, up 3.1 percent and 2.5 percent, respectively.

But the CFPB's Richard Cordray said people are misinterpreting the formal Federal Register notice which unveiled the expansive scope of the database project.

Investors Unite is urging the FHFA not manage Fannie Mae and Freddie Mac as "non-profits."

The CFPB's Steve Antonakes revealed that the agency did not start training many of its examiners about the new rules until the first half of this year.

Three different sources confirmed that the two companies had been discussing combining, but it’s unclear exactly when the talks broke down.

Home-equity lending fell off sharply during the first quarter of 2014, but the sector may be poised for a rebound in the months ahead. Home-equity originations totaled an estimated $13 billion during the first three months of this year, down 18.8 percent from the previous quarter. That was up 8.3 percent from the first quarter of 2013, and a handful of lenders reported increased home-equity activity in early 2014. Most closed-end seconds and home-equity lines of credit are retained...[Includes three data charts]

He may know how to run a decent race, but does economics professor David Brat – the man who beat Rep. Eric Cantor in the GOP primary in Virginia – know the history of the mortgage meltdown?