HECM Fraud Investigations Under Way, Says HUD OIG
One of the most interesting parts of the NRMLA Annual Conference last week was “Keeping HECMs Honest – The Inspector General’s Point of View,” a session led by Assistant Special Agent in Charge, Office of the Inspector General (OIG), U.S. Department of Housing and Urban Development (HUD), Michael Stolworthy.
Stolworthy began the session by making it [...]
Industry Can’t Meet Investor Demand for Ginnie Mae Product
For an industry that was mainly dependent on one investor only a year ago, things look a lot different in today’s reverse mortgage market.
Fannie Mae has seen its market share of reverse mortgages go from approximately 90% as of December 31, 2008, to 20% during the 3Q and 10% in September 2009. According to [...]
Washington Trust Adds New Reverse Mortgage Consultant
Washington Trust announced that Jim Jeneral joined its new Home Loan Center in Sharon, Mass. and is responsible for originating reverse mortgages for the new office.
Jeneral brings more than 16 years of mortgage experience to the company was a senior loan consultant in the Greater Boston area. He has an M.B.A from Suffolk [...]
Last Chance, Sign Up for Training to Help You Prepare for 2010
Last chance to sign up for a reverse mortgage training session with Sam Collins on how to “Make the Most of the Rest of 2009 and Help you Get Ready with Your Strategic Plan for 2010.”
The session will help open your mind and show you how to make use of every part of your reverse [...]
Reverse Mortgage Factsheet, Moving in the Right Direction
Developing a simple way to explain reverse mortgages for consumers using one image isn’t an easy task, but that didn’t stop ReverseMortgage.net from trying.
The website created its own non-commercial visual with the help of the designers behind Mint.com (Don’t know who Mint is? Intuit recently paid 0m for the company) to help explain reverse [...]
CHIP Reduces Reverse Mortgage Interest Rates
Canada’s largest reverse mortgage lender, HomEquity Bank announced that it has significantly reduced its variable rate on CHIP Home Income Plans to 3.75%, signaling a transformative change in the acceptance of reverse mortgages as a viable tool within the financial solutions landscape said a company statement.
The significantly lower cost of borrowing gives today’s cost-conscious seniors [...]
Reverse Mortgage Training Reminder, Get Ready For 2010
Just a reminder that Sam Collins is providing RMD readers with another free training session on December 1, 2009 at 2:00 PM.
Sam will show you how to “Make the Most of the Rest of 2009 and Help you Get Ready with Your Strategic Plan for 2010."
The session will help open your mind and show you [...]
Advertising Compliance: Big Issue Facing Industry
During the Acceptable Advertising – and the Language You Must Avoid session at the National reverse mortgage lenders Association Annual Conference in San Diego, panelists called advertising the biggest issue we have to deal with because it is the most visible and offered some insight into an extremely significant and sensitive issue within the reverse [...]
Product Developed to Protect Borrowers Home Values
Working Equity released an interesting solution that allows homeowners to protect 100% of the value of their home even while real estate values fluctuates said a company statement.
"We saw an immediate, pressing need for products that protect homeowners given the tremendous loss of wealth caused by the devastation in the national housing market," [...]
Moving Toward Consensus on Reverse Mortgage Regulation
Industry advocates poised to get the message out about the value of a reverse mortgage have to convince people like Prescott Cole, senior staff attorney with California Advocates for Nursing Home Reform, self-described as a non-profit advocacy organization “dedicated to improving the choices, care and quality of life for California’s long-term care consumers”.
Cole and [...]