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Professor: No resemblance between subprime and reverse mortgages
He calls himself “The Mortgage Professor,” stemming from varying roles as a teacher at the University of Pennsylvania (finance) and as a professional in the home loan market for many years. So, when Jack Guttentag’s essay appeared recently in t...
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Salt Lake City FBI Warns of Reverse Mortgage Straw Buyers
The Salt Lake City FBI and Utah Division of Real Estate named its top 5 Mortgage Scams for 2010 and reverse mortgages were included. Michelle Pickens, special agent and mortgage fraud coordinator with the FBI told Dessert News that "Scam artist...
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New Reverse Mortgage Jobs Added
Here are the latest jobs from Reverse Mortgage Jobs Online: Loan Sales Inside / Outside (Nationwide) Avancos Reverse Mortgage Originator (Massachusetts, Rhode Island, Connecticut, Maine) Reverse Mortgage of New England Reverse Mortgage Loan...
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Reverse Mortgage Origination Volume Grows to $30.2 Billion in 2009, Up 25%
Volume of the Federal Housing Administration’s reverse mortgage program, the Home Equity Conversion Mortgage (HECM) grew to $30.2 billion in FY 2009 according to budget documents released earlier this week. Despite only a slight increase in units e...
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Top Reverse Mortgage Lenders Through January 2010
Retail reverse mortgage endorsement volume for January was 7,629 units, down 8% from December 2009, and 22.6% lower than January 2009. It’s the lowest number of units since October 2006 according to RM Insight. Below is a list of the top rev...
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Former GNMA CEO Says Enough With All the Negative Press Related to Reverse Mortgages
We are all frustrated with the amount of negative press reverse mortgages receive and former Ginnie Mae CEO Joe Murin has joined the club. In his Voice of Housing column for Mortgage News Daily, Murin writes, “I have had about all I can stand...
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Peter Graves Concerned Seniors Not Receiving Right Message About Reverse Mortgages
Former Mission Impossible Actor Peter Graves is concerned seniors are not receiving the right message about reverse mortgages. Prior to signing up as the spokesperson for American Advisors Group, Graves admits he knew very little about revers...
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Almost Two out of Three Baby Boomers Read Newspaper Everyday
A new study from Harris Interactive found that only two in five Americans read a newspaper everyday, however the remaining daily newspaper readership skews heavily toward the older age groups. Almost two-thirds of those ages 55+ (64%) say they still ...
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FHA to Increase MIP and Cut Principal Limit for Reverse Mortgage Product
The Obama Administration announced earlier this week that it was requesting a $250 million credit subsidy for the Federal Housing Administration’s reverse mortgage program along with a contingency appropriation to meet all program demand. In additi...
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Housing Watch: Do Reverse Mortgages Help or Hurt Seniors?
“No one wants grandma to suffer in her sunset years. So what if Johnnie gets a little less inheritance?” asks an AOL Housing Watch article on reverse mortgages. While there is very little in the article that a reverse mortgage loan officer might ...
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Podcast: First Hand Account and Advice on SAFE Act Exam
Reverse Fortunes Weekly Podcast Episode #88 Are you creditworthy for NMLS license? To listen login or become a free member to listen to past & current episodes. Talking Points: What if Fannie & Freddie were eliminated? Bad advertising lea...
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Prudential Homesale Launches Joint Venture with Wells Fargo
Prudential Homesale Services Group announced it has formed a joint venture with Wells Fargo Home mortgage to originate, process, and fund mortgage loans for Prudential Homesale customers. The joint venture, HomeSale Lending, LLC, is co-owned by Well...
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Wholesale Reverse Mortgage Volume Down 7% in 2009, Financial Freedom Holds On
Wholesale reverse mortgage volume came in at 4,326 units in December, up 10% compared to November. Bank of America took over the top spot in December with 963 units followed by MetLife (930 units) and Urban Financial/Reverseit (550 units). Ove...
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WSFS Completes Wind Down of Reverse Mortgage Subsidiary
WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Wilmington Savings Fund Society, FSB (WSFS Bank), reported breakeven net income for the fourth quarter and a loss per common share of $0.09 after preferred stock dividends. WSFS also c...
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FHA Raises Bar for Forward and Reverse Mortgage Brokers
A proposal by FHA to eliminate correspondents and raise the bar on mortgage brokers – both forward and reverse – may have a silver lining for several industry players. Possible increases in net worth requirements, strengthened lender approval cr...
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Reverse Mortgage Legislation Update: January 28, 2010
President Barack Obama gave his first State of the Union address last night where he announced plans to freeze government spending starting in 2011 for three years. While the President announced that spending related to national security, Medicare, ...
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New Reverse Mortgage Counseling Tool Released
Alliance Credit Counseling released Reverse Mortgage Counseling Locator to assist both lenders and borrowers in finding approved counseling agencies. When borrowers enter their zip codes, the website automatically populates a list of ten HUD-approve...
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New Reverse Mortgage Companies Looking to Hire
Reverse mortgage companies are looking to expand, check out the latest jobs from Reverse Mortgage Jobs Online: Reverse Mortgage Originator (Massachusetts, Rhode Island, Connecticut, Maine) Reverse Mortgage of New England Reverse Mortgage Loan...
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Got Reverse? Industry Needs to Deliver Effective PR Campaign Now
It is clear to all reverse mortgage participants that something has to be done to improve our image. It was the reoccurring theme at the recent NRMLA conference. But talk can be cheap and without a coordinated, concerted effort to take control of our...
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WAPO: Reverse Mortgage Market Has No Resemblance to Subprime Marketplace
Washington Post contributor Jack Guttentag writes in his latest column that Reverse mortgages are not the next subprime. He adds that: For reasons not clear to me, reverse mortgages are being bad-mouthed by an unlikely source: consumer groups...
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Decline in Home Prices Has Significant Impact on Value of HECM Portfolio
The current economic crisis and burst of the housing bubble has had a significant impact on the reverse mortgage guarantee provided by HUD on HECM loans according to an article by Jonathan Glowacki and Mike Jacobson of Milliman on Friday at Mortgage ...
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Last Chance, Sign Up for eCommission Webinar
Have you noticed it’s taking longer to close a HECM? From slow wholesale underwriting turn times to new compliance requirements in 2010, the costs of originating reverse mortgages continues to rise. Managing the cash flow of your business has...
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New Reverse Mortgage Underwriter and Originator Jobs Posted
Reverse mortgage companies are looking to expand, check out the latest jobs from Reverse Mortgage Jobs Online: Reverse Mortgage Loan Officer (Annandale/Norfolk Region) WSFS Reverse Mortgage Loan Officer (Baltimore, Harford, & Cecil Count...
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Long Term Care, Irrevocable Life Insurance Trusts, and Reverse Mortgages
Late last month Mr. Bob Greene stated: “I have often wondered why there is such an uproar … against using a portion of reverse mortgage proceeds to fund LTCi or an ILIT. These … can be valuable tools to assist in protecting ones estate an...
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California Reverse Mortgage Lender Files for Bankruptcy
Sacramento Business Journal is reporting that New Horizons Reverse Mortgage has filed for Chapter 7 bankruptcy liquidation. According to the article, the California based reverse mortgage lender leased a 8,600 square of office space at the be...
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FHA Announces Significant Policy Changes
Federal Housing Authority (FHA) Commissioner David Stevens announced a sweeping series of policy changes this morning to address concerns about FHA’s capital reserves and strengthen the agency against further risk. The policy changes include an in...
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Take Part in the State of the Reverse Mortgage Originator Survey
We’ve teamed up with RM Insight to develop the first State of the Reverse Mortgage Originator Survey to establish a loan officer performance and sentiment benchmark and the initial results have been great. In the last week, over 300 originators par...
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Reverse Mortgage Rates – January 20, 2010
The average reverse mortgage borrower will see their Initial Benefits stay the same as last week. Ibis considers an average borrower to be a 73-year old in a $250,000 home that chooses a LIBOR+250 HECM. The rates as of 1/20/10 are: Reverse Mortgage ...
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HUD to Release New Financial Interview Tool for HECM Counselors
The US Department of Housing and Urban Development will publish a new reverse mortgage counseling protocol next month according to the National Reverse Mortgage Lenders latest Monday Report. After the protocol is published, HUD said it will tak...
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Reverse Mortgages Help the “Greatest Generation”
Some reverse mortgage originators are on a mission. Theirs is a business endeavor first, but close behind the motivation for getting into this niche market can be personal, as it is for Michael Banner of Loan Well America in Clearwater, Fla. “I de...
