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HUD Issues New RESPA Guidelines, Removes Origination Fee Limit for Standard Loans

Wed, 30 Dec 2009 18:51:13 -0600

The US Department of Housing and Urban Development published Mortgagee Letter 2009-53 which clarifies how fees and charges for Federal Housing Administration (FHA)-insured loans must be disclosed on the new Good Faith Estimate and HUD-1 Settlement St

Myths, Pros and Cons of Hecm Reverse Mortgages

Sat, 26 Dec 2009 16:23:02 -0600

First and foremost; the bank does not, nor do they want to own your home. So why do so many people believe this? Prior to FHA getting involved in 1988, the lenders would take an equity position in their Borrowers homes. That practice has resulted

How to Find the Best of Mortgage Wholesale Lenders

Thu, 24 Dec 2009 02:38:42 -0600

There are several ways that can assist you in find the best mortgage wholesale lenders either you are a broker or consumer. One of them is by online. Through online, you are able to choose the "Lenders" select your state, and a list will ap

MetLife Releases Reverse Mortgage Guide for Consumers

Tue, 22 Dec 2009 09:39:08 -0600

MetLife Mature Market Institute (MMI) announced the release of The Essentials: Reverse Mortgages to help consumers make informed decisions regarding the use of home equity to help fund one’s retirement. “Reverse mortgages can allow older individ

Myths, Pros and Cons of Hecm Reverse Mortgages

Fri, 04 Dec 2009 23:40:46 -0600

AARP Showing More Support for Reverse Mortgage Industry

Tue, 17 Nov 2009 16:43:27 -0600

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

Forclosures Have Met Their Match… Reverse Mortgages

Fri, 13 Nov 2009 10:54:59 -0600

MLS Reverse Mortgage asked: 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,

Congress Passes Extension of Higher Reverse Mortgage Loan Limits

Fri, 30 Oct 2009 13:47:33 -0500

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

HUD takes action against reverse mortgage lender in Hawaii

Fri, 30 Oct 2009 07:00:00 -0500

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

Appropriations Resolution Would Extend Higher Reverse Mortgage Loan Limits

Wed, 28 Oct 2009 19:59:20 -0500

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

Lenders One Adds MetLife as Preferred Reverse Mortgage Investor

Mon, 26 Oct 2009 12:58:03 -0500

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-

Reducing the Impact of Decision to Cut Reverse Mortgage Principal Limits

Thu, 15 Oct 2009 15:51:34 -0500

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

FHA Reverse Mortgage Program Sees Net Gain of $7 Billion Since Inception

Fri, 09 Oct 2009 10:08:52 -0500

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

Another Mortgage Mess In The Making?

Thu, 08 Oct 2009 23:16:36 -0500

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

OBAMA HOME MORTGAGE STIMULUS PLAN IN ARIZONA 1 FEBRUARY 18 2009 CONCISE

Wed, 07 Oct 2009 12:10:19 -0500

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

Dangers of Reverse Mortgages – Top 3 Things to be Aware of

Wed, 07 Oct 2009 01:55:28 -0500

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

Reverse Mortgages, the New Subprime?

Tue, 06 Oct 2009 13:15:40 -0500

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

HUD Awards $32 Million to Upgrade Reverse Mortgage Technology

Mon, 05 Oct 2009 09:25:02 -0500

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

Forclosures Have Met Their Match… Reverse Mortgages

Sun, 04 Oct 2009 12:35:20 -0500

HUD Considering New Reverse Mortgage Product

Mon, 14 Sep 2009 12:13:02 -0500

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

Appropriations Bill Set to Change FHA Reverse Mortgage Program

Thu, 10 Sep 2009 15:53:36 -0500

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

NRMLA Questions Validity of Consumer Reports Reverse Mortgage Investigation

Thu, 03 Sep 2009 13:18:01 -0500

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 (“

No HVCC for Reverse Mortgage Industry Says FHA Commissioner

Tue, 25 Aug 2009 11:38:17 -0500

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

Lender Offers Reverse Mortgage CE Course For California Realtors

Tue, 11 Aug 2009 10:00:36 -0500

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

Fixed Rate Reverse Mortgages Give New Jersey Seniors Another Choice

Sun, 02 Aug 2009 15:25:15 -0500

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