This is our monthly summary of Reverse Mortgage articles, updated news, and happenings, all in one place. We hope you're involved in the greatest mortgage niche ever created...Reverse Mortgages.

Reverse Mortgage Application Volume Continues to Slide Says FHA
Feb 24, 2010 11:33 am | admin

The Federal Housing Administration’s latest Outlook Report shows that reverse mortgage applications continue to slide. In January, the agency reported it received 5,805 applications for reverse mortgages (HECM), down 16.2% from the prior month and 54.2% lower than the same period in 2009. Reverse mortgage applications weren’t the only product showing a decrease in volume. According...

FFIEC: Reverse Mortgage Market Growth Has Created Lucrative Environment for Fraud
Feb 23, 2010 02:13 pm | admin

The Federal Financial Institutions Examination Council (FFIEC) released an updated edition of its white paper on mortgage fraud detection and deterrence. The Detection and Deterrence of Mortgage Fraud Against Financial Institutions: 2009 Mortgage Fraud White Paper is meant to help examiners understand, identify, and detect mortgage fraud schemes and elements. New to the white paper is the...

Florida Senator Introduces Reverse Mortgage Bill
Feb 23, 2010 01:09 pm | admin

Florida Senator Mike Fasano recently introduced Senate Bill 1532 to provide specific requirements for reverse mortgage loans. According to the bill analysis, the provisions proposed would impact proprietary reverse mortgage programs not following the HECM provisions (e.g., disclosure and counseling). Fasano told Tampa Bay Online "My primary concern is that not one senior citizen be...

Financial Freedom Parent Company Acquires Another Bank from FDIC
Feb 23, 2010 11:23 am | admin

The parent company of reverse mortgage lender Financial Freedom (OneWest Bank) purchased La Jolla Bank from the Federal Deposit Insurance Corporation (FDIC) last week. La Jolla Bank, FSB had approximately $3.6 billion in total assets and $2.8 billion in total deposits as of December 31, 2009 said the FDIC. OneWest Bank, FSB did not pay...

FinCEN Forms Partnership to Combat Emerging Reverse Mortgage Fraud Says Director
Feb 19, 2010 12:36 pm | admin

The Financial Crimes Enforcement Network (FinCEN), Secret Service, and HUD-OIG formed a partnership in December to help Florida law enforcement proactively identify and combat newly emerging fraud involving reverse mortgages said James H. Fries JR, Director of the FinCEN during a speech at the Florida International Bankers Association earlier this week. “As many of you...

Genworth, MetLife, and More Looking for Originators
Feb 19, 2010 10:57 am | admin

Here are the latest jobs from Reverse Mortgage Jobs Online: Reverse Mortgage Loan Officers(Multiple States) Genworth Financial Reverse Mortgage Loan Originator (Experience Required) (TN, AL, MS.) MetLife Bank Reverse Mortgage Specialist (Pennsylvania, Delaware, New Jersey) Capital Mortgage Finance A Division of First National Bank of Chester County Loan Sales Inside / Outside (Nationwide) Avancos Reverse Mortgage...

Less than 1000 Reverse Mortgage Counselors Have Passed Exam says HUD
Feb 18, 2010 01:21 pm | admin

The US Department Housing and Urban Developments decision to require reverse mortgage counselors pass an exam is stumping veteran housing specialists says the Post and Courier. A HUD spokesman said the agency “acknowledges the test is intentionally difficult, but we believe it needs to be so because of the vulnerable population who seek out reverse...

Reverse Mortgage Legislation Update – February 18, 2010
Feb 18, 2010 01:20 pm | admin

The New York Times is reporting that stock and insurance brokers are fighting a provision included in the financial overhaul legislation to ensure decisions are made in the best interest of their clients. According the NY Times: At issue is whether brokers should be required to put their clients’ interest first — what is known as...

Reverse 123 Launches Media Campaign
Feb 18, 2010 11:48 am | admin

New Beacon Financial rolled out a new media campaign with television commercial production agency Creative Bube Tube to draw attention to Reverse 123. The company recently opened its reverse mortgage division and plans to bring a new marketing and business philosophy to the Florida reverse mortgage market by implementing an extensive training program for all...

Reverse Vision Releases Tool to Help Brokers Quote Accurate GFE
Feb 17, 2010 12:04 pm | admin

Reverse Version officially announced the release of its Good Faith Estimate (GFE) Validator, a feature designed to assist reverse mortgage originators in disclosing an accurate GFE. As part of the new RESPA regulations, originators are required to provide upfront estimates to borrowers that are equal or within a certain threshold of the fees charged late...

Bank of America Lends $13 Billion of Home Equity and Reverse Mortgage Loans in 2009
Feb 16, 2010 12:59 pm | admin

Bank of America extended more than $758 billion in credit during 2009, including nearly $180 billion during the fourth quarter alone said its Lending & Investing Initiative Report. In addition, the company extended nearly $3 billion in home equity and reverse mortgage loans (FY09: $13 billion) during 4Q. "Bank of America can only succeed by...

Guardian Adds Former Senior Lending Network Execs and Robert Wagner as Spokesperson
Feb 11, 2010 12:18 pm | admin

Guardian First Funding Group announced the addition of two former key executives from the Senior Lending Network and the addition of legendary actor Robert Wagner as the company’s spokesperson. Mr. Wagner will appear in all of Guardian First Funding Group’s print, television and web site advertising said a company statement. In his role as spokesperson,...

Zillow Sees Early Signs of Double Dip in Home Values
Feb 11, 2010 11:25 am | admin

Home values across the country declined again in the 4Q of 2009, marking the 12th consecutive quarter of year-over-year declines according to the latest Zillow Real Estate Market Reports. In one in five, or 29 of the 143 markets tracked by Zillow, home values have flattened or have begun to decrease again after showing...

Pre-payment data grows more important to reverse mortgages
Feb 10, 2010 01:45 pm | Neil

All manner of financial investors “roll the dice” when they agree to advance money, expecting a return of some appreciated value (house, aggregate payments, interest). These “bets” are based for the most part on actuarial calculations that determine (or insure) desired returns. In the mortgage business, such calculations rest largely on “pre-payment” expectations, which attempt...

Lenders Struggle to Reach Builders with Reverse Mortgage for Purchase Program
Feb 10, 2010 12:40 pm | Reva

Builders and developers are another group in addition to realtors that has yet to be educated on the realities of the HECM for Purchase program. “We need to take the time to understand the realities of their business and be able to talk to them in their language,” says Monte Howard, Affinity Relationship Director at...

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Tom Domin is the author of "101 Ways to Originate Mortgages" and publisher of "Tom's Mortgage Tips" a twice monthly Mortgage Newsletter geared for Mortgage Professionals. Put your mortgage career on the fast track and sign-up for FREE at http://www.MortgageMarketingToolKit.com/

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