Recent Posts
Recent Posts Tagged With reverse mortgage
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Reverse Mortgage Factsheet, Moving in the Right Direction
Developing a simple way to explain reverse mortgages for consumers using one image isn’t an easy task, but that didn’t stop ReverseMortgage.net from trying. The website created its own non-commercial visual with the help of the desig...
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CHIP Reduces Reverse Mortgage Interest Rates
Canada’s largest reverse mortgage lender, HomEquity Bank announced that it has significantly reduced its variable rate on CHIP Home Income Plans to 3.75%, signaling a transformative change in the acceptance of reverse mortgages as a viable tool wit...
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Reverse Mortgage Training Reminder, Get Ready For 2010
Just a reminder that Sam Collins is providing RMD readers with another free training session on December 1, 2009 at 2:00 PM. Sam will show you how to “Make the Most of the Rest of 2009 and Help you Get Ready with Your Strategic Plan for 2010."...
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Advertising Compliance: Big Issue Facing Industry
During the Acceptable Advertising – and the Language You Must Avoid session at the National Reverse Mortgage Lenders Association Annual Conference in San Diego, panelists called advertising the biggest issue we have to deal with because it is the m...
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Product Developed to Protect Borrowers Home Values
Working Equity released an interesting solution that allows homeowners to protect 100% of the value of their home even while real estate values fluctuates said a company statement. "We saw an immediate, pressing need for prod...
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First Mariner Bank May Sell Reverse Mortgage Division
First Mariner Bank entered into a profit sharing agreement with a private company related to its reverse mortgage division Next Generation Financial Services (NGFS) and may result in the acquisition of NGFS if certain requirements are satisfied with...
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Lender Subordinates Loan for Senior to Make Reverse Mortgage Work
HeraldNet writer Tom Kelly brings up a great point in his column over the weekend when he says that Seniors find a way by asking, ‘What’s possible?’. While the question might seem simple, Kelly writes that it can spark critical conversations i...
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Choice Home Mortgage Adds to Exclusive Reverse Mortgage Group
Choice Home Mortgage Services has added Frank Miller to its exclusive Long Island Reverse Mortgage team said a company statement. Miller has published articles on reverse mortgages and has presented various seminars on the subject for both seni...
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HUD Notice Asks Serious Questions About Use of Reverse Mortgage Proceeds
The US Department of Housing and Urban Development will publish an advance notice of rule making concerning reverse mortgages and will “ask some serious questions that a lot of people may find disconcerting,” said Meg Burns, Director, Single-Fami...
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Financial Freedom Takes Top Wholesale Lender Title for FY 2009
Wholesale reverse mortgage volume for the month of September totaled 5,567 units, up 6.1% from August and marking the 6th highest wholesale volume month on record according to data from Reverse Market Insight. For fiscal year 2009, wholesale e...
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Reverse Mortgage Lender Names New CEO
Next Generation Financial Services announced that Robert Cannon has joined the company as its Chief Executive Officer. Cannon succeeds acting President Richard Pitbladdo, who will continue to serve as CFO. Prior to joining NGFS, Cannon was a p...
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Training: Strategic Planning for Reverse Mortgage Lenders in 2010
Reverse Mortgage Daily and Sam Collins are presenting another free training session on December 1, 2009 at 2:00 PM where Sam will cover “Making the Most of the Remainder of 2009 and Getting Ready with Your Strategic Plan for 2010." He will he...
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AARP Showing More Support for Reverse Mortgage Industry
Over the past few weeks I’ve been seeing hearing from more people about their frustration with AARP and their support (or lack there of) for reverse mortgages. Whether or not you like AARP, the organization has been supportive of the program and th...
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Reverse Mortgage Industry Needs Housing to Bottom, Fiserv Says Not Yet
Lately, I’ve been thinking more about what needs to happen for reverse mortgage volume to grow and while I’m not sure there is any “silver bullet”, housing values bottoming out is pretty close. Principal limits have been cut and without hous...
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Reverse Mortgage Rates – November 17, 2009
The average reverse mortgage borrower will see no change to their Initial Benefits from last week. The rates as of 11/17/09 are: Reverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software – The Industry St...
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HUD Asks Board to Exercise Restraint in Enforcing New RESPA Requirements
The US Department of Housing and Urban Development (HUD) announced that the first four months of 2010, the staff of the Mortgagee Review Board (MRB) will exercise restraint in enforcing new regulatory requirements under the Real Estate Settlement Pr...
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Fighting Reverse Mortgage Attacks
Like the prize-fighter hit with yet another haymaker, the reverse mortgage industry awoke one Sunday morning last month to a scathing story about the perils of reverse mortgages. What made this “punch” sting just a bit more was the arena: “Para...
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Ginnie Mae Buyout Requirements Put Pressure on Servicers
As the reverse mortgage industry increases its reliance on Ginnie Mae’s HMBS program, Broker Universe describes how buyout requirements could take a toll on servicers once HECM-securitized loans come to maturity in a few years. "The reverse p...
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Social Networks Raise Serious New Challenges for Regulators says FINRA
Recently Reuters reported that the Financial Industry Regulatory Authority formed a task force to determine how it can use social networking to “improve the flow of information between firms and their customers” without compromising investor pro...
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Reverse Mortgage Product Improves in India
Despite reverse mortgages not taking off it India, banks recently improved the product by allowing homeowners to receive regular monthly payments until death. Prior to the change, there was a 20-year cap on payments from the time of entering i...
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HUD Implements HECM Counseling Roster and Testing Standards
In an effort to strengthen reverse mortgage counseling, the US Department of Housing and Urban Development published Mortgagee Letter 2009-47 to implement the HECM Counselor Roster and testing standards used to qualify counselors. According to ML 09...
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ReverseBase: Bringing Lender Data and Information Online
Do you ever wonder where a company like One Reverse Mortgage does most of its business? If so, there’s an app for that. We developed ReverseBase as a tool to look up information on reverse mortgage lenders and get a better idea of how they...
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Are Celebrity Endorsements the Right Choice for Reverse Mortgage Lenders?
Reverse mortgage lenders have a history with celebrities ranging from James Garner, Robert Wagner, and most recently the addition of Peter Graves from American Advisors Group. However, a recent AdweekMedia/Harris Poll found wide variations in the li...
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Reverse Mortgage Rates – November 10, 2009
The average HECM borrower will see no change to their Initial Benefits from last week. The rates as of 11/10/09 are: Reverse Mortgage Rate Updates are brought to you by Jerry Wagner & Ibis Reverse Mortgage Software – The Industry Standard Sinc...
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FHA Issues New Condo Guidelines for Reverse Mortgage Lenders
The US Department of Housing and Urban Development issued new condominium lending guidelines that go into effect Dec. 7, 2009. However, the agency is making several temporary exceptions to the new rules due to the "volatility" in the...
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Top Reverse Mortgage Lenders Through October 2009
Overall reverse mortgage industry volume fell 7.4% in October 2009, coming in at 8,772 units, bringing YTD volume to 95,902 according to data from Reverse Market Insight. Below is a list of the top HECM lenders through October 2009 and be sure ...
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Fannie Mae Reverse Mortgage Portfolio Grows, Market Share Shrinks
The reverse mortgage portfolio of Fannie Mae grew from $41.6 billion as of December 31, 2008 to $49.8 billion as of September 30, 2009 according to its 3Q SEC filing. The GSE estimates its market share of the total market of reverse mortgage lo...
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Over Half of Households Risk Being Able to Maintain Standard of Living in Retirement
The National Retirement Risk Index (NRRI) showed that 51% of households are at risk of not being able to maintain their standard of living in retirement. According to the Center for Retirement Research at Boston College report, the NRRI jumpe...
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HUD Reaches Tentative Settlement with Reverse Mortgage Lender Over Violations
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 market...
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Fannie Mae and FHA Boost Net Worth Requirement for Reverse Mortgage Lenders
Independent reverse mortgage bankers are facing increased net worth requirements which could change the way they currently operate. Fannie Mae announced earlier this week that it was increasing the minimum required net worth required for approved se...
