Reverse Mortgage Information
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Former Ginnie Mae Chief Executive Officer wrote an article in response to the Financial Crimes Enforcement Network’s decision to track reverse mortgage fraud.
Murin writes that:

Although I applaud FinCEN, the HUD Inspector General and all other law enforcement agencies who try and protect us from predatory practices, I am afraid statements such as these are [...]

The Senate Banking Committee announced that the new financial services bill would include a proposal for a new Office of Research and Analysis, also known as the National Institute of Finance. The goal of the agency is to provide early warnings of possible systemic collapses. To this end, the agency will give federal regulators daily [...]

UK based Responsible Equity Release announced it’s preparing to enter the reverse mortgage market in the United States and rolled out a “Drawdown Clock“.
Developed in conjunction with “Statitician to the Stars” William M.Briggs, Professor of Statistics at Cornell University, the clock shows the number of reverse mortgages taken out over the life of the program [...]

Naysayers and doomsday scenarists step aside because Richard Pitbladdo is in the house. Pitbladdo is chief financial officer of LTC Global, Medford, Oregon, a company he co-founded in 2002, after stints with LTC Insurance and an earlier career as a business professor at the University of Rochester (New York).
More recently, between 1997 and 2002, Pitbladdo [...]

Three people from Atlanta were indicted by a federal grand jury on charges of conspiracy to commit financial institution fraud involving reverse mortgages.
The group included Jonathan Alfred Kimpson, 27, Gia Harris, 26, and Kelsey Torrey Hull, 38, of Lithonia and were charged on Feb. 25 on a charge of financial institution fraud and conspiracy.
“These defendants [...]

Appraisal management company Landmark Reverse released a new way to help lower the upfront cost of ordering appraisals for reverse mortgage borrowers.
The appraisal assurance program allows borrowers to pay 0 upfront and the remaining 0 at closing in escrow. Borrowers can still pay the normal 0 fee for an appraisal but the assurance program [...]

Marc Helm, chief operating officer of reverse mortgage Solution told Broker Universe that reverse mortgage default costs are going up. “We are spending so much time on defaulted items and they are so much more expensive to deal with,” said Helm.
“Even though I’m in reverse mortgages, I have defaults and my default costs are just [...]

Nebraska Governor Dave Heineman signed Legislative Bill 892 into law on March 3, 2010. The bill makes revers mortgagee guidelines applicable to Nebraska Mortgage Bankers licensed under the Residential Mortgage Licensing Act said a statement from the National reverse mortgage lenders Association.
Introduced by Senator Rich Pahls in January, LB 892 states that:

Sec. 24. [...]

The US Department of Housing and Urban Development sent out a notice stating that the Federal Housing Administration (FHA) is extending the deadline for the submission of audited financial statements for loan correspondents seeking renewal of their FHA lender approval for 2010.
According to the statement, HUD is seeking to eliminate FHA approval for loan correspondents [...]