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.

Top Wholesale Reverse Mortgage Lenders, Genworth’s Business Booming
Oct 08, 2009 10:38 am | admin

Wholesale reverse mortgage volume faired better than the retail side of the business in August. According to data from RM Insight, wholesale volume was down 2.7% compared to retail endorsement volume being down 17% in August. The most interesting aspect of the data is seeing how much Genworth’s wholesale business picked up. If you look...

Better Data Collection from Reverse Mortgages Coming
Oct 07, 2009 10:59 am | Neil

A “dearth of data” in the reverse mortgage sector is being addressed in a collaboration between the National Reverse Mortgage Lenders Association and MERS (Mortgage Electronic Registration Systems) – an 11-year-old electronic registry for the mortgage finance industry, which will use MISMO (Mortgage Standards Industry Maintenance Organization), for the initiative. MERS manages MISMO, a wholly-owned...

Reverse Mortgage Industry, Don’t Blame HUD
Oct 07, 2009 10:58 am | Jim Veale

All originators experienced it. No one seemed to like it. Several in the industry tried to warn us it was coming. No one knew when it arrived what would happen. When it arrived, the majority of those who spoke out blamed HUD; however, the real culprit was and still remains — Congress and perhaps even...

Reverse Mortgage Volume Sets Record, Top Lenders Through September 2009
Oct 06, 2009 01:29 pm | admin

The reverse mortgage industry endorsed 114,783 of Home Equity Conversion Mortgages during the Department of Housing and Urban Development’s (HUD) FY 2009, which ended September 30, 2009. That’s up 2.3% compared to HUD’s FY 2008. Below is a list of the top HECM lenders through September 2009. Be sure to check out the commentary and link...

Subprime Revisited: National Consumer Law Center Releases Report on Reverse Mortgages
Oct 06, 2009 01:27 pm | admin

The National Consumer Law Center released a report titled “Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at Risk,” which according to the press release shows that abuses from the subprime mortgage market have begun showing up in the reverse mortgage industry. “In the reverse mortgage market, seniors face...

Industry Veteran Joins MetLife Reverse Mortgage Division
Oct 02, 2009 05:40 pm | admin

Longtime reverse mortgage industry veteran Monte Rose has joined MetLife as its area manager for southern California. He will be responsible for growing the number of representatives and helping MetLife pick up market share. Rose brings over 17 years of reverse mortgage experience to his new position and spent most of his career with Financial...

Financial Freedom Discontinues Fixed Rate Reverse Mortgage in Illinois
Oct 01, 2009 01:59 pm | admin

Financial Freedom announced that it’s discontinuing the HECM fixed rate product in the state of Illinois, effective immediately said the company statement. The statement read that: We will continue to process and fund existing Illinois Fixed-Rate loans in the pipeline pending further review of our ongoing ability to sell these loans, but can provide no...

Business Week Special Report on Aging in Place, Where do Reverse Mortgages Fit?
Oct 01, 2009 01:55 pm | admin

Business Week published a special report on how technology is helping baby boomers age in place and how these systems could save billions in health care. As an example, Business Week describes how Ronald Lang, a 63-year-old patient who suffers from congestive heart failure and multiple sclerosis, was pilot-testing the Intel Health Guide, a device...

Shortfalls and Protocols in Reverse Mortgage Sector
Sep 30, 2009 12:25 pm | Neil

If asked to name a key player in the federal government’s HECM program, the name Margaret “Meg” Burns no doubt would be at the top of most lists. In her capacity as director, Office of Single Family Program Development in the FHA, Burns often keynotes reverse conferences, as she did this month in San Diego...

Implementation of HECM Principal Limit Reduction, “A Nightmare” says Industry
Sep 29, 2009 11:11 am | admin

There has been a flood of potential reverse mortgage borrowers trying to schedule counseling before HUD implements a 10% reduction in principal limits for its Federal Housing Administration (FHA) insured reverse mortgage product. Reverse mortgage lenders who obtain a FHA case numbers by September 30 can help their borrowers receive more proceeds, but not all borrowers...

Bank Regulator Publishes Consumer Advisory Alert on Reverse Mortgages
Sep 28, 2009 11:11 am | admin

The Office of the Comptroller of the Currency (OCC) issued a consumer advisory alert last week, to help consumers better understand reverse mortgages. The information developed for consumers discusses basic facts about reverse mortgages, which are complex, home secured loans said the statement. The advisory, Reverse Mortgages: Are They for You also reviews the...

MBA Releases Reverse Mortgage Model Legislation
Sep 24, 2009 02:00 pm | admin

The Mortgage Bankers Association (MBA) released a copy of its model legislation for reverse mortgages earlier this month at its conference in San Diego, CA. According to the MBA, it’s meant to define a national standard of consumer protections for reverse mortgage products. The MBA believes that if reverse mortgages uniformly incorporate the principles in...

HUD Lowers Principal Limit Factors for FHA Reverse Mortgage Program
Sep 23, 2009 05:41 pm | admin

The U.S. Department of Housing and Urban Development posted Mortgagee Letter 09-43, which announced a new set of principal limit factors for the Federal Housing Administration (FHA) HECM program. The changes will lower the principal limits for the HECM by 10%. According to the ML, the new principal limit factors must be used for...

FHA Puts Broker Due Diligence on Reverse Mortgage Wholesale Lenders Shoulders
Sep 23, 2009 02:31 pm | admin

The Federal Housing Administration (FHA) announced some important changes being pursued by a rule making process which gives non-FHA approved mortgage brokers access to FHA insured products (ie. reverse mortgage). The proposed changes also impose new financial requirements for Mortgagees to help to ensure that FHA lenders are sufficiently capitalized to meet potential needs...

Reverse Mortgage Industry Will Adopt HVCC Language Says FHA
Sep 23, 2009 10:30 am | admin

The Federal Housing Administration announced new guidelines on ordering appraisals for FHA-insured mortgages (ie HECMs) and reaffirms existing policy on FHA requirements regarding appraiser independence and geographic competence. According to the announcement, mortgage brokers and commission based lender staff are prohibited from ordering appraisals. However, FHA is not requiring the use of Appraisal Management...

Local Media: Overwhelming Interest From Viewers About Reverse Mortgages
Sep 23, 2009 10:28 am | admin

In Miami, CBS 4’s Your Money Team covered reverse mortgages earlier this week and set up a dedicated “Phone Bank” devoted entirely to the subject due to the overwhelming interest from viewers. The segment features Myrtle Robinson, who decided to use a reverse mortgage to keep up with her bills. Robinson explained, "When I learned...

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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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