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EPISODE #804
How one reverse mortgage servicer is utilizing AI
[National Mortgage News]
A recent interview between National Mortgage News’ technology reporter and Celink’s Chief Information Officer reveals how AI is being utilized in the servicing of reverse mortgage loans. Here are a few notable excerpts…
Other Stories:
- [NRMLA] HUD Updates Servicing Policies
- [Reverse Mortgage Daily] Why one analyst predicts Baby Boomers will move to sell their homes
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While the so called Oracle may have predicted what happened a decade and a half ago, what she is predicting now is very different. The period of the Great Recession was brought on by the misgrading of MBSs by the Big Three rating agencies, S&P, Moody’s, and Fitch.
Today the problem is high interest rates and stubbornly high home prices resulting in small inventories of homes for sale in the vast majority of MSAs. Common sense asks who wants to move if their fixed mortgage interest rate will be (in most cases) more than twice the interest rate on their current mortgage. In 2008, we were being told that baby boomers had much fewer problems with mortgages than their elders. Yet in the last five fiscal years we have seen the worst and second worst fiscal years for HECM endorsements in the last two decades.