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Congress Passes Extension of Higher Reverse Mortgage Loan Limits
Reverse Mortgage Daily | October 30th 2009 by John Yedinak
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 read more
HUD takes action against reverse mortgage lender in Hawaii
FHA Loan Rates | October 30th 2009 by hendro iskandar
WASHINGTON - The U.S. Department of Housing and Urban Development today announced that its Mortgagee Review Board (MRB) is proposing to permanently withdraw the HUD/FHA approval of Financial Mortgage USA, Inc., a Home Equity Conversion Mortgage (HECM read more
Appropriations Resolution Would Extend Higher Reverse Mortgage Lo…
Reverse Mortgage Daily | October 28th 2009 by John Yedinak
Appropriations committees in the House and Senate are proposing to extend temporary higher limits on the size of home mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can buy or guarantee as part of a stopgap funding legislation that could pass Congr read more
Lenders One Adds MetLife as Preferred Reverse Mortgage Investor
Reverse Mortgage Daily | October 26th 2009 by John Yedinak
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- read more
Reducing the Impact of Decision to Cut Reverse Mortgage Principal…
Reverse Mortgage Daily | October 15th 2009 by John Yedinak
The US Department of Housing and Urban Developments decision to reduce the principal limits for the Home Equity Conversion Mortgage (HECM) has received a decent amount press over the past couple of weeks. The Washington Post covered how the Federal H read more
FHA Reverse Mortgage Program Sees Net Gain of $7 Billion Since In…
Reverse Mortgage Daily | October 9th 2009 by John Yedinak
National Reverse Mortgage Lenders Association President, Peter Bell, testified before the Subcommittee on Housing and Community Opportunity yesterday and discussed the state of the Home Equity Conversion Mortgage (HECM) program. The session was meant read more
Another Mortgage Mess In The Making?
Boom2Bust.com | October 8th 2009 by Christopher E. Hill
Will the reverse mortgage soon take a place alongside its subprime sibling in the mortgage industry’s hall of shame? From the Chicago Tribune’s Mary Ellen Podmolik yesterday: A national consumer advocacy organization added its voice Tuesday to a read more
OBAMA HOME MORTGAGE STIMULUS PLAN IN ARIZONA 1 FEBRUARY 18 2009 C…
Home Center | October 7th 2009
Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released January 15, 2009. The soaring number of f read more
Dangers of Reverse Mortgages – Top 3 Things to be Aware of
Reverse Mortgage Blog | October 7th 2009 by Gerry Marsh
Aubrey Clark asked: As the baby-boomers prepare for retirement reverse mortgages are going to be the next mortgage boom according to most analyst. The baby boom began in 1946 and continued through 1964. During those 19 years, 76 million people were read more
Reverse Mortgages, the New Subprime?
HSH Associates Financial News Blog | October 6th 2009 by HSH Associates
A recent report from the National Consumer Law Center (NCLC) warns that the reverse mortgage industry could very soon become the new subprime. The report claims that former subprime lenders have altered their business model in order to cater to rever read more
HUD Awards $32 Million to Upgrade Reverse Mortgage Technology
Reverse Mortgage Daily | October 5th 2009 by John Yedinak
The US Department of Housing and Urban Development has awarded a $32 Million contract to Quality Software Services, Inc. (QSSI) to develop a cost effective web based service to support the Federal Housing Administration’s Home Equity Conversion Mor read more
Forclosures Have Met Their Match… Reverse Mortgages
Home Center | October 4th 2009
Foreclosure filings were reported on 2.3 million U.S. properties in 2008, an increase of 81 percent from 2007 and up 225 percent from 2006, according to the RealtyTrac U.S. Foreclosure Market Report released January 15, 2009. The soaring number of f read more
HUD Considering New Reverse Mortgage Product
Reverse Mortgage Daily | September 14th 2009 by John Yedinak
Despite the possibility of the Home Equity Conversion Mortgage (HECM) changing due to the $800 million subsidy request, the US Department of Housing and Urban Development is considering adding an additional reverse mortgage product to serve the needs read more
Appropriations Bill Set to Change FHA Reverse Mortgage Program
Reverse Mortgage Daily | September 10th 2009 by John Yedinak
As politicians head back to Washington to vote on healthcare and a range of other issues, the reverse mortgage industry waits to see what the Home Equity Conversion Mortgage (HECM) will look like starting in FY 2010. The House passed its appropriatio read more
NRMLA Questions Validity of Consumer Reports Reverse Mortgage Inv…
Reverse Mortgage Daily | September 3rd 2009 by John Yedinak
When researching a product, be it a flat-screen television or a car, many of us often turn to Consumer Reports for an evaluation of what is available. But after reading their reporting on reverse mortgages in the September 2009 issue (“ read more
No HVCC for Reverse Mortgage Industry Says FHA Commissioner
Reverse Mortgage Daily | August 25th 2009 by John Yedinak
The Federal Housing Administration has no plans to implement the Home Valuation Code of Conduct (HVCC), said Commissioner David Stevens to a delegation from the National Association of Mortgage Brokers (NAMB). Stevens said that he was well aware of t read more
Lender Offers Reverse Mortgage CE Course For California Realtors
Reverse Mortgage Daily | August 11th 2009 by John Yedinak
Generation Mortgage announced that it created a continuing education course for the Home Equity Conversion Mortgage (HECM) for purchase program in California. The California Department of Real Estate approved the course “Reverse Mortgage Opportunit read more
Fixed Rate Reverse Mortgages Give New Jersey Seniors Another Choi…
My FHA Mortgage Blog | August 2nd 2009 by Mark Madsen
The Tony Croft Team at Barclay Funding Now Offers Fixed Rate Reverse Mortgages from Their Bergen County Office Located in Edgewater, NJ From the time when HUD first established the reverse mortgage program there has only been the adjustable interest read more
Reverse Mortgages: How do they work?
My FHA Mortgage Blog | July 1st 2009 by Mark Madsen
.style1 { font-size: large; } A reverse mortgage is a loan against your home that you do not have to pay monthly payments for as long as you live in the home. In Utah you can refinance a traditional mortgage with a reverse mortgage and/or be paid c read more
MetLife Reports on Changing Role of Reverse Mortgages in Retireme…
Reverse Mortgage Daily | June 25th 2009 by John Yedinak
As older homeowners struggle to find new sources of retirement income, growing numbers are starting to tap their housing wealth by using home-equity loans or reverse mortgages. A new report from MetLife Mature Market Institute calls for a more read more
Inspector General Concerned About Reverse Mortgage Fraud
Reverse Mortgage Daily | June 19th 2009 by John Yedinak
Several trade groups and the Office of the Inspector General appeared Thursday before a House Financial Services Subcommittee on Oversight and Investigations where they called for more resources to ensure HUD program’s presence in the mortgage mark read more
LendingSpace Adds New President to Expand Reverse Mortgage Busine…
Reverse Mortgage Daily | June 5th 2009 by John Yedinak
Loan origination system provider Lending Space named Jeffrey T. Osheka as its new president of the company. As president of Lending Space, Mr. Osheka is responsible for directing the company’s current growth, with an emphasis on the rapidly e read more
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