States Take Action Against Financial Scams Targeting Seniors
The Wall Street Journal reports that fed up with purported financial advisers preying on unwitting older people, some states are passing or amending securities and criminal laws to impose “enhanced penalties” on people who commit financial crimes against seniors.
In Laws Take On Financial Scams Against Seniors, Jennifer Levitz writes that investigators from the Arkansas [...]
Community Rallies To Save Seniors Home With Reverse Mortgage (Update)
Last week we wrote about how 72 year old Lorraine Zickefoose’s home was scheduled to go up for auction because she fell behind on her payments with Wells Fargo Home Loans. The woman had applied for a reverse mortgage with John Smaldone’s AAXA Mortgage and was approved, however due to falling property values the she [...]
Fannie Mae Gets New Head of Single Family Business
Fannie Mae recently announced that Karen Pallotta will become the head of the company’s single family mortgage business starting June 1, 2009. She is replacing Thomas Lund, who is retiring from the company as of June 30, 2009.
Pallotta joined Fannie Mae in 1990 and has served in a variety of leadership roles which include [...]
Reverse Mortgage Business Lacks Warehouse Lending Needed To Grow
Despite rumors that Wells Fargo and GMAC’s ResCap are getting back into warehouse lending, independent reverse mortgage bankers’ resources are being pushed to the limit and loans are taking longer to close than usual due to a lack of funding from a shrinking number of warehouse lenders, RMD’s sources say.
Recent estimates from The Warehouse Lending [...]
Fewer Baby Boomers Are Coming Back To Facebook, Big Surprise?
More lenders are turning to social marketing on the web to promote their reverse mortgage business using tools like Facebook and Twitter. Even the National reverse mortgage lenders Association started hosting marketing panels on social media tools during its road show and as someone who participated, it’s clear that people in our industry are [...]
New on Reverse Mortgage Jobs Online
Below are just a few of the new jobs recently posted to reverse mortgage Jobs Online.
reverse mortgage Originator (Salt Lake City) Sun Valley Financial of Utah Inc
reverse mortgage Specialist (Coral Springs) Senior Finance Network reverse mortgage Loan Originator (Nashville) New Castle Mortgage reverse mortgage Careers (Multiple) Equitable reverse [...]
Loss of Equity Drives Reverse Mortgage Budget Shortfall
A feature story in the upcoming June issue of Mortgage Banking Magazine will report a 31 percent drop in nationwide housing prices since values peaked in the second quarter of 2006. The hardest hit neighborhoods are found in the interior of California, where prices have plummeted as much as 70 percent.
The story reports that while [...]
HUD’s New Guidelines For Manufactured Homes, Includes Reverse Mortgages
Last week HUD issued Mortgagee Letter 2009-16 which provides guidance on changes to manufactured housing requirements for new and existing construction were made by the Housing and Economic Recovery Act of 2008. ML 09-16 addresses the changes that can be implemented immediately.
HUD defines a manufacture home as a structure that is transportable in one [...]
Generation and Genworth’s Wholesale Business Benefits From Nutter’s Problems
Reverse Market Insight published its wholesale lender report for April and shows that JB Nutter’s warehouse line problems impacted their wholesale business hard as its endorsement volume fell to 233 loans from 1331 in the previous month.
Despite its major drop in volume, data shows that Nutter still has the highest capture rate of its [...]
Reverse Mortgage Lender Violates FHA Requirements, HUD Takes Action
Last week the U.S. Department of Housing and Urban Development’s Mortgagee Review Board took action against more than 120 lenders for violating FHA requirements. Violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents.
"At this time of uncertainty in the mortgage market, FHA [...]