Generation Mortgage’s Wholesale Business Sees Growth in 2009
RM Insight published a new report which details how the wholesale reverse mortgage business has performed over the last year. In terms of rankings, the only wholesaler that moved up from the end of 2008 is Generation Mortgage. The Atlanta, GA based wholesaler moved from 8th at the end of 2008 to 6th over [...]
An Alternative to Fannie Mae’s Higher Reverse Mortgage Margins
While the immediate increase in the number of investors buying HECMs is a good and noble goal, the way Fannie Mae has chosen to achieve that objective will result not only in human suffering and financial costs but also potential long-term damage to the reputation of the HECM program. In a comment on March 28th, [...]
Reverse Mortgage Rates – March 31, 2009
This week, only Treasury-based HECM’s with a margin of +282 or less can pay the HECM maximum Principal Limit. Ditto for LIBOR-based HECM’s with margins of +260 or less. Current margins are higher than these figures. This week fixed-rate HECM’s range from 5.81% to 7.250% so we explore the range of benefits.
Using this week’s rates, [...]
HUD Publishes Additional Guidance Regarding HECM For Purchase
Today, the U.S. Department of Housing and Urban Development (HUD) published Mortgagee Letter 2009-11 to provide a compilation of guidance issued under ML 2008-33 and to address other aspects of the HECM for Purchase program. According to HUD’s statement, ML 09-11 supersedes ML 2008-33.
There have been loads of questions regarding the HECM for purchase [...]
NGFS Plans Nationwide Reverse Mortgage Expansion, Adds Regional Manager
Next Generation Financial Services (NGFS), a division of 1st Mariner Bank announced that it added Robert Wallace as a Regional Manager. Wallace has been in the reverse mortgage business since 1994 and was an area sales manager for Financial Freedom. Prior to joining NGFS, Wallace was the eastern Sales Director for 1st Reverse Financial Services.
“We [...]
Fannie Mae Pricing Change Brings Higher Margins For Reverse Mortgages
Fannie Mae announced some significant pricing changes yesterday, just a few days before lenders will make the switch to mandatory delivery for live pricing. The change brings higher margins to the reverse mortgage industry with some lenders offering CMT based HECMs with margins as high as 3.75%.
According to people who attended last weeks [...]
SWBC Adds Experienced Reverse Mortgage Professional to Expand Partner Program
SWBC announced earlier this week that David Cook has joined the company as Vice President of Sales for the reverse mortgage division. With more than 40 years in the mortgage industry, Cook will be responsible for working with SWBC’s financial institution partners and their clients.
“David is a great addition to SWBC’s reverse mortgage division,” said [...]
Reverse Review – March 2009 Edition
The March 2009 issue of The Revere Review is now available online. This month, Atare Agbamu sits down with Jeffrey M. Lewis of Generation Mortgage Company to discuss his thoughts and insights regarding the future of jumbo reverse mortgages.
Also, check out the new “Ask the Servicer” column from Ryan LaRose that will speak [...]
Reverse Mortgage Proceeds Are Not Income – The Final Installment
On February 27 and March 10, 2009, RMD published Are reverse mortgage Proceeds Really Income? and And How Can reverse mortgage Proceeds be Income? The purpose of those articles was to dismiss the idea that RM loan proceeds are income. The contention in those articles is that RM proceeds are nothing more than loan proceeds [...]
Largest Independent Mutual Bank Starts Offering Reverse Mortgages
Dollar Bank announced last week that added reverse mortgages to it asset product offerings. "Dollar Bank believes many senior citizens are struggling day-to-day to live comfortably or make ends meet," said Mike Henry, Dollar Bank Vice President of Mortgage Lending.
"As a result of this, more and more older Americans are turning to reverse [...]