Ginnie Mae President Says Get Prepared For Reverse Mortgages
The Pittsburgh Post Gazette wrote earlier this week that Ginnie Mae President, Joesph Murin is urging homeowners to take advantage of mortgage rates near 60-year lows by refinancing. He feels that reports of rampant foreclosure problems in Michigan, Ohio, Florida and other troubled housing markets have given people a dimmer view of the economy [...]
Downsizing With The HECM For Purchase Program
Over the weekend, Redding News published an article about a couple who used the HECM for purchase program to downsize and move to a warmer climate. John and Susanne Ferry, both 62, have been trying to sell their home for three years but haven’t had any luck, even after reducing their listing from 0,000 [...]
Minnesota Reverse Mortgage Legislation Update
One of the things RMD readers asked for more of in our last survey, was an increase in updates regarding reverse mortgage legislation, so I’m doing my best to stay up to date. In Minnesota, Beth Paterson from reverse mortgages SIDAC has been playing an important role and was nice enough to send me an [...]
Senior Financial Adds Reverse Mortgage National Sales Director
Senior Financial Corp. announced that Dan Perez has joined the company as its National Sales Director. Perez will lead a team of reverse mortgage senior loan consultants, utilizing his extensive training and marketing background to facilitate the continued expansion of SFC into a national provider of reverse mortgages.
“We are very pleased Dan Perez [...]
Free Reverse Mortgage Training Reminder
Just a quick reminder that Monte Rose is presenting another free reverse mortgage training session where he will show you How to Build a Prospecting Process that creates a Productivity Baseline on Wed May 6 at 12pm (EST).
Do you currently receive 2, 3, or 4 transactions each month your referral stable?
Would you [...]
Financial Freedom Loses Top Wholesale Reverse Mortgage Lender Title
RM Insight published a new report showing that JB Nutter has over taken Financial Freedom as the largest wholesale reverse mortgage lender. The data shows that over the last year, Nutter saw its wholesale business grow 76.8% compared to Financial Freedom seeing it’s volume drop 41.3%.
Below is a list of the top 10 wholesalers [...]
FHA Outlook Report Shows Reverse Mortgage Volume Up
At the National reverse mortgage lenders Association meeting last week in Chicago, most people were pretty optimistic about their business for the rest of 2009. HUD’s FHA outlook report mirrors the optimistic outlook by showing that during FY 2009, 85,548 HECM applications have been taken, up 16.1% compared to last year.
The report also shows [...]
Reverse Mortgage Rates – April 28, 2009
This week only Treasury-based HECM’s with a margin of +260 or less can pay the HECM maximum Principal Limit. Ditto for LIBOR-based HECM’s with margins of +249 or less. Current margins are higher than these figures. This week fixed-rate HECM’s range from 5.56% to 7.250%.
Using this week’s rates, the first table shows max rates or [...]
Reverse Mortgage Certifications: Raising the Bar
As government activism further ramps up and the mortgage world feels the impact, lawmakers are increasing demands on loan purveyors of all stripes to be taught, tested and tagged. “The big moment for all of us is the SAFE Act,” says Ken Markison, assistant vice-president and regulatory counsel, Mortgage Bankers Association, referring to the Secure [...]
Senator McCaskill Concerned About Reverse Mortgage Fraud
Senator Claire McCaskill voiced her concerns over issues related to reverse mortgages at a Senate Proceeding last week. She estimates that there will be 200,000 new reverse mortgages this year and believes it has the potential to become a huge liability to the American taxpayer if more guidelines aren’t put in place.
One area she [...]