Wholesale Reverse Mortgage Volume Down 7% in 2009, Financial Freedom Holds On
Wholesale reverse mortgage volume came in at 4,326 units in December, up 10% compared to November. Bank of America took over the top spot in December with 963 units followed by MetLife (930 units) and Urban Financial/Reverseit (550 units).
Overall wholesale volume for 2009 was 58,935, down 7% from 2008. The top wholesale lender for [...]
WSFS Completes Wind Down of Reverse Mortgage Subsidiary
WSFS Financial Corporation (Nasdaq: WSFS), the parent company of Wilmington Savings Fund Society, FSB (WSFS Bank), reported breakeven net income for the fourth quarter and a loss per common share of {content}.09 after preferred stock dividends.
WSFS also completed the wind-down of 1st Reverse Financial Services, its national reverse mortgage subsidiary which contributed a loss [...]
Last Chance, Sign Up for Building Relationships and Referrals Webinar
Last to chance to sign up for another free training session for reverse mortgage Daily readers with Sam Collins on February 2, 2010 at 2:00 PM.
Sam will show you how to build solid relationships with your seniors that increase originations, loyalty, and get more referrals.
You’ll discover the value of building relationships and keeping [...]
SunWest Continues to Play Important Role in Reverse Mortgage MBS Market
Sun West Mortgage Company today announced that it has crossed the Billion mark in HECM Mortgage Backed Securities (HMBS).
Acting as a participation agent or an issuer, the Cerritos, CA based reverse mortgage lender fulfills a strategic role in supporting liquidity in today’s troubled credit markets.
SunWest is able to automate the process of [...]
FHA Raises Bar for Forward and Reverse Mortgage Brokers
A proposal by FHA to eliminate correspondents and raise the bar on mortgage brokers – both forward and reverse – may have a silver lining for several industry players.
Possible increases in net worth requirements, strengthened lender approval criteria and greater lender liability for the practices of wholesale clients, appear on the surface to spell [...]
Reverse Mortgage Legislation Update: January 28, 2010
President Barack Obama gave his first State of the Union address last night where he announced plans to freeze government spending starting in 2011 for three years.
While the President announced that spending related to national security, Medicare, Medicaid, and social security would not be affected by the freeze, it remains unclear how the freeze [...]
New Reverse Mortgage Counseling Tool Released
Alliance Credit Counseling released reverse mortgage Counseling Locator to assist both lenders and borrowers in finding approved counseling agencies.
When borrowers enter their zip codes, the website automatically populates a list of ten HUD-approved HECM counselors (five local, five national) along with directions to the locations and shows what type of counseling is available: in [...]
New Reverse Mortgage Companies Looking to Hire
reverse mortgage companies are looking to expand, check out the latest jobs from reverse mortgage Jobs Online:
reverse mortgage Originator (Massachusetts, Rhode Island, Connecticut, Maine) reverse mortgage of New England
reverse mortgage Loan Officer (Annandale/Norfolk Region) WSFS
reverse mortgage Loan Officer (Baltimore, Harford, & Cecil County) WSFS
reverse mortgage Loan Officer (Berks & Chester County, PA) WSFS [...]
Got Reverse? Industry Needs to Deliver Effective PR Campaign Now
It is clear to all reverse mortgage participants that something has to be done to improve our image. It was the reoccurring theme at the recent NRMLA conference. But talk can be cheap and without a coordinated, concerted effort to take control of our public perception, we may struggle to convince lawmakers, regulators, seniors and [...]
Eliminate Fannie Mae? The Impact on the Reverse Mortgage Industry
Housing Financial Services Committee Chairman Barney Frank said that the committee will examine ways to replace the two housing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac
"The remedy here is…as I believe this committee will be recommending, abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new system [...]