Current And Up-To-Date Reverse Mortgage News...11-10-09

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.

HUD Reaches Tentative Settlement with Reverse Mortgage Lender Over Violations
Nov 05, 2009 05:44 pm | admin

The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is imposing civil money penalties against two FHA approved lenders in Wisconsin and Connecticut for a variety of violations of FHA lending and marketing standards. In addition, the MRB reached tentative settlements with four other lenders and issued two Letters of...

Are States Now Listening to Reverse Mortgage Advocates?
Nov 04, 2009 05:23 pm | Neil

Continued legislative activism around reverse mortgages at the state level featured a new law passed last month in California that requires reverse mortgage lenders to provide “additional, clear information to senior consumers interested in reverse mortgage products.” Among its specific provisions, the new law mandates lenders to provide a prospective borrower with a list of...

Interview: Jeff Taylor Discusses Reverse Mortgage Data and Growth
Nov 04, 2009 04:41 pm | admin

After stepping down from his position as the head of Wells Fargo’s reverse mortgage business, Jeff Taylor announced that he was joining Reverse Market Insight as Chairman to help expand the companies consulting business. With HUD’s decision to reduce the principal limits for its FHA insured reverse mortgage product, Taylor is confident there is growth...

HUD: Over $29 Billion of Reverse Mortgage Volume in 2009
Nov 03, 2009 01:10 pm | admin

The latest FHA Outlook Report provides some interesting insight into the Home Equity Conversion Mortgage (HECM) program for FY 2009. While the industry experienced another record year of volume, data shows it wasn’t due to a flood of new reverse mortgage borrowers. Overall, reverse mortgage lenders originated $29.9 billion of HECMs in FY 2009, compared...

Could Google Become the Leading Reverse Mortgage Lead Provider?
Nov 02, 2009 01:11 pm | admin

While Google already helps reverse mortgage lenders generate leads through Pay Per Click (PPC) ads, the search engine announced it was starting to test Comparison Ads. The new format allows user to compare multiple relevant offers and make ads more useful for users. Comparison ads also helps advertisers reach the people who are most interested...

Congress Passes Extension of Higher Reverse Mortgage Loan Limits
Oct 30, 2009 02:47 pm | admin

Late last night, the House and Senate passed an extension of the $625,500 loan limit for reverse mortgages through December 31, 2010. Loan limits for the Home Equity Conversion Mortgage (HECM) would’ve returned to $417,000 at the end of the year if the extension wasn’t passed. Also included in the continuing resolution (H.R. 2996), was an...

HUD Acts to Permanently Withdraw Reverse Mortgage Lender’s FHA Approval
Oct 30, 2009 12:10 pm | admin

The US Department of Housing and Urban Development announced its Mortgagee Review Board (MRB) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a reverse mortgage lender based in Honolulu, Hawaii. HUD’s MRB alleges the Company failed to implement an FHA-required quality control plan; separate its lending operations from those of...

Reverse Mortgage: Trick Or Treat?
Oct 30, 2009 11:28 am | admin

Leave it to a witty journalist to get creative around Halloween by writing a story like Trick or treat: Reverse mortgages can be foreclosures in disguise. TampaBay.com writer James Thorne writes that: Right in time for Halloween comes a topic right out of the ghoul’s guide to mortgage lending: Reverse mortgages, which a growing number of Tampa...

People Researching Reverse Mortgages Jumps Almost 90% Says Data
Oct 29, 2009 01:17 pm | admin

Results from Golden Gateway Financial’s reverse mortgage calculator showed that falling home values continue to negatively impact the amount of money available to Americans through a reverse mortgage. Despite falling home values, the company also reported a increase of nearly 90 percent in the number of individuals researching reverse mortgages compared to the previous quarter...

Survey Shows Americans Lack Overall Understanding of Long Term Care
Oct 29, 2009 01:13 pm | admin

Overall, Americans did not do well on a survey of their long-term care knowledge according to MetLife Mature Institute (MMI). According to a recent survey, most know what long-term care is and how much it costs, but their scores fall short regarding how many people will need it and how they will pay for...

Hunch, Helping to Determine Suitability for a Reverse Mortgage?
Oct 28, 2009 06:39 pm | admin

Reverse mortgage counseling is an important part of the process and lenders and counselors would agree that it can be improved. Despite HUD’s plan to eventually release new HECM counseling protocols, one issue that still needs to be addressed is the “suitability” issue which continues to be a concern from legislators. I came across...

New Phase for Reverse Mortgage Business
Oct 28, 2009 02:12 pm | Neil

Larry Tiffan is concerned. The reverse mortgage consultant from Scottsdale, Arizona wonders why the program he sees helping so many senior clients can be causing problems for its backers and drawing bitter attacks from public officials. Tiffan, who works under the aegis of Traditional Home Mortgage, says the math doesn’t add up. “If the average...

Barney Frank Talks Reverse Mortgages With AARP
Oct 27, 2009 10:29 am | admin

AARP’s Sheilah Kast covered reverse mortgages in a 30 minutes session for Inside E Street on Retirement Living TV. The segment includes an interview with Illinois Rep. Judy Biggert who said reverse mortgages are “a great financial tool”. Kast also interviewed Massachusetts Rep. Barney Frank who is clearly behind the product and said that, “I’ve been...

Lenders One Adds MetLife asPreferred Reverse Mortgage Investor
Oct 26, 2009 01:58 pm | admin

Lenders One Mortgage Cooperative announced the addition of MetLife as its newest preferred investor. The relationship positions MetLife Home Loans Reverse Mortgage Division to purchase cooperative members’ closed reverse mortgages and fixed-rate home equity conversion mortgage (HECM) products said a company statement. “The reverse mortgage product is very important to seniors looking for ways...

Reverse Mortgages for Co-Ops to be Eligible in “Next Several Months” says FHA
Oct 26, 2009 09:58 am | admin

Newsday continues to do a great job covering the reverse mortgage industry and over the weekend provided a well balanced article on the pros and cons of seniors using the product. Newsday writer, Ronald E. Roel spoke with a range of people including Meg Burns, director of Single Family Program Development for the Federal...

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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/