Federal Reserve Reports on Expansion of Reverse Mortgage Market
A new report published by the Federal Reserve Board looks at the reverse mortgage industry and examines loan level data (from 1989-2007) to provide insight into the growth of the program. Reversing the Trend: The Recent Expansion of the reverse mortgage Market is the first paper to perform such analyses using actual loan-level reverse mortgage [...]
Reverse Mortgages Fail to Take Off In India
There has been lots of talk about reverse mortgages in different parts of the world and many people had high hopes for the product in India. However, the Economic Times writes that senior bank officials say the product has failed to take off the way people had hoped.
A senior bank official, who did not [...]
New Reverse Mortgage Jobs
Just a few of the new jobs posted to reverse mortgage Jobs Online:
Managers and Loan Officers (Nationwide) Seniors reverse mortgage
Reverse Loan Officer (Atlanta) Retire Secure LLC
Housing Counselor (HECM certificate required) (Auburndale) American Consumer Credit Counseling
Vice President of Sales (reverse mortgage) (Roseville) Paramount Equity Mortgage
reverse mortgage Originator (Nationwide) iReverse Home Loans
reverse mortgage Specialist (Tennessee) AAXA Mortgage
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New Hampshire Bill Drives Reverse Mortgage Lender Out of the State
Just a few weeks after the State of New Hampshire passed a bill banning yield spread premiums on reverse mortgages, Generation Mortgage announced to its brokers that was pulling out of the state.
HB 610 is scheduled to become effective July 31st and was passed to implement the Secure and Fair Enforcement for Mortgage Licensing Act [...]
Reverse Mortgage Conference Season Begins
The fall conference season, always an active starting point for consideration of industry issues, features two major reverse mortgage events, including the third such program from the Mortgage Bankers Association. That meeting, scheduled for San Diego, Sept. 9-11, includes discussion of mandatory live pricing, “which changes the environment that lenders are doing business in,” according [...]
Reverse Mortgage Subsidy or Principal Limit Factor Reduction?
On a daily basis, we hear about the economic crisis and the hardships plaguing our country, from the loss of jobs, to high unemployment rates, crashing property values and companies closing up shop. It’s disconcerting to say the least. What I find to be more disturbing is that our lawmakers would reject a 9 million [...]
Behind the Scene on Fannie Mae Reverse Mortgage Pricing Changes
\Many of us know that Section 1109 of HERA (the Housing and Economic Recovery Act of 2008, PL 110-289) requires a reduction to the mortgage portfolio of Fannie Mae. Although it is doubtful, this could result in the ultimate exclusion of HECM acquisitions by Fannie Mae. Readers have been voicing their concern over where NRMLA [...]
Reverse Mortgage Daily Headed to Texas
Looking for a good reason to head to Texas in August? As long as its not in Houston, I am. Join RMD and others from the industry on August 6th to celebrate the 10th anniversary of reverse mortgages in Texas.
People from all over the country will be in Austin to discuss the policies that will [...]
House Passes Bill Lowering Reverse Mortgage Benefit, Senate Up Next
The House of Representatives passed HR 3288 late last week by a vote of 255-168, which made appropriations for the Departments of Transportation, HUD, and related agencies for FY 2010.
The bill includes two three provisions for reverse mortgages, one which extends the higher loan limit for FY 2010.
Sec. 235. For mortgages for which the [...]
Celink Gets Approved as Ginnie Mae Participation Agent for HMBS Program
Celink, a Lansing, Michigan based reverse mortgage subservicer, recently obtained approval from Ginnie Mae as a “Participation Agent” for the FHA HECM (reverse mortgage) Mortgage Backed Securitizations. As a participation agent, Celink will be responsible for the accounting and data management aspects of the issuers loans.
While Celink has been a subservicer on six [...]