NewDay Plans to Exit the Reverse Mortgage Industry
By Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas
(PS Mortgage Lending 305-791-4874 or 888-845-6630)
NewDay Plans to Exit the Reverse Mortgage Industry The first casualty of the upcoming reverse mortgage changes has been revealed. NewDay USA, a top-15 lender, has decided to completely exit the reverse mortgage industry, after HUD's official announcement of the upcoming reverse mortgage program changes. According to an article published in Reverse Mortgage Daily, company executives announced on September 7 that they would stop originating new Home Equity Conversion Mortgages immediately. In addition, NewDay would not close anymore outstanding applicants and any outstanding loans will be transferred to another company. The exit has been attributed to the changes that were implemented on September 30. It's shocking to see how quickly companies are pulling out, even before the changes are...
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