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Current And Up-To-Date Reverse Mortgage News…06-22-10

This is our monthly summary of Reverse Mortgage articles, updated news, and happenings, all in one place. We hope you’re involved in the greatest mortgage niche ever created…Reverse Mortgages.

The Return of Jumbo Reverse Mortgages: A Closer Look
Jun 17, 2010 05:10 pm | admin

Generation Mortgage’s decision to release the first jumbo reverse mortgage product in years is a big step for the industry and a closer look at the product guidelines provides some insight into where proprietary products are heading. Signaling the future of reverse mortgages will include some sort of a credit underwrite, the Plus products requires a…

FBI Estimates $14 Billion in Fraudulent Loans Originated in 2009
Jun 17, 2010 04:01 pm | admin

During fiscal year 2009, mortgage fraud suspicious activity reports referred to law enforcement were up 5.1% according to the Federal Bureau of Investigation’s 2009 Mortgage Fraud Report released on Thursday. While the total dollar loss attributed to mortgage fraud is unknown, the FBI estimates that $14 billion in fraudulent loans were originated in 2009.? “Mortgage fraud is an insidious…

Senators Push to Preserve Reverse Mortgage Provisions in Wall Street Reform Bill
Jun 16, 2010 07:02 pm | admin

While members of the US Senate and House of Representatives meet to negotiate the final version of Wall Street reform legislation, Senators Claire McCaskill (D-MO) and Herb Kohl (D-WI) sent a letter to the members of the conference committee urging them to preserve language they feel will improve consumer protections and strengthen oversight of the reverse…

HUD Implements Rule to Strengthen FHA Risk Management and Eliminate Correspondents
Jun 16, 2010 04:57 pm | admin

The US Department of Housing and Urban Development issued Mortgagee Letter 2010-20 to implement a final rule designed to strengthen Federal Housing Administration’s (FHA) risk management and better manage counterparty risks to its insurance funds. The final rule increases net worth requirements for mortgagees to least $1,000,000 as of May 20, 2010, and requires no less…

Chart of the Day: Consumers Overwhelming Choose Fixed Rate Reverse Mortgage
Jun 16, 2010 03:19 pm | admin

While it’s no secret fixed rate reverse mortgages have become more popular, you don’t understand how much has changed in the last year unless you look at a chart showing what type of loans are being endorsed each month. Data from the US Department of Housing and Urban Development shows only 3.9% of endorsements during January 2009…

New FHA Reverse Mortgage Product May Offset Need for $250 Million from Congress
Jun 15, 2010 01:49 pm | admin

Facing the potential of another principal limit reduction for the Federal Housing Administration’s reverse mortgage program, the US Department of Housing and Urban Development (HUD) is working on a solution to reduce (possibly eliminate) the need for the $250 million appropriation requested in the Office of Management Budget for FY 2011. At the National Reverse Mortgage…

Reverse Mortgage Pools Keep AAA Rating says Fitch
Jun 15, 2010 01:12 pm | admin

The Ratings Outlook of HECM Trusts backed by reverse mortgage loans continue to hold their AAA rating said a statement from Fitch Ratings. The classes confirmed consist of a pool of reverse mortgages mortgages (HECM) insured by the Federal Housing Administration and their ratings outlook remains stable. During the review Fitch compared the actual pay-down performance of…

Top Wholesale Reverse Mortgage Lenders, Urban Remains Number One
Jun 14, 2010 06:00 pm | admin

Wholesale reverse mortgage volume fell 7.4% from March, coming at 2,813 units during April according to the latest report from Reverse Market Insight. Retail production also fell 3.3% from March. Large reverse mortgage lenders continue to dominate the industry, controlling 88.9% of April’s volume. Urban Financial was the top wholesale reverse mortgage lender for the second…

PRC Releases Tool to Accurately Calculate Title and Settlement Fees Nationwide
Jun 14, 2010 05:58 pm | admin

Premier Reverse Closings (PRC) launched a new online rate calculator to help its clients adapt to the new HUD-1 format which was changed as part of the new RESPA guidelines. Prior to releasing the tool, lenders would have to call the company to ensure they were providing accurate quotes to borrowers on the Good Faith…

FHA Doing Everything Possible to Sustain HECM, Industry Must be Ready to Adapt
Jun 13, 2010 03:10 pm | Neil

Buffeted by lower lending limits, higher insurance premiums and some unsympathetic lawmaking, the reverse mortgage business could be reasonably described as under significant pressure today. Yet, far from being downcast and defeated, practitioners on the front lines remain resolute in their determination to turn lemons into lemonade, a trait typical of successful entrepreneurs. “A lot is…

Positive Local Reverse Mortgage Media Coverage
Jun 13, 2010 10:43 am | admin

Local news channel KHON 2 ran a segment on how reverse mortgages are helping to improve the lives of seniors in Honolulu. As more baby boomers in Hawaii reach retirement age, they may find that their fixed income is not enough to take care of their lifestyle said KHON. Rosanne Augustin, a local reverse mortgage consultant…

More than 25 Percent of Older Americans Using Social Media says AARP
Jun 11, 2010 11:51 am | admin

New research shows that reverse mortgage lenders who aren’t using utilizing the web and social media are missing a growing opportunity to reach seniors. According to a new report from AARP, more than 25% of Americans 50 years and older stay connected using sites such as Facebook, MySpace and Twitter. Additionally, almost half of those surveyed between the…

Less than 25% Plan to Use Home Equity to Finance Retirement says Study
Jun 08, 2010 04:52 pm | admin

The latest findings from the Del Webb 2010 Baby Boomer Survey show only 23% of those still working between the ages of 50 to 64 plan to use home equity to help finance retirement. The number dropped to 10% for 64 year old boomers who are no longer working said the study. While the survey…

Reverse Mortgages Hit the Mainstream
Jun 08, 2010 02:23 pm | admin

?Reverse mortgages have hit the mainstream says HeraldNet writer Tom Kelly and with that “comes a variety of combinations and sliding scales.?” He writes that after the ”checkered beginnings of reverse mortgages made them a difficult sales proposition to seniors,” all of the chuckholes on the road to reverse mortgage acceptability have been filled. If you doubt that,…

Utilizing Home Equity Was Never Part of Retirement Planning, Starting to Change
Jun 08, 2010 10:21 am | admin

?Using home equity as part of their retirement planning was never part of the equation for Older Generations according to Financial Planning. Older generations considered the home something to be preserved, paid off free and clear before retirement and left to heirs as a legacy.? However, many in the industry feel it’s time to reconsider and…

Tom Domin is a Reverse Mortgage Originator and a founder of The Reverse Mortgage Mentor membership training site. Put your mortgage production and your career back-on-track with the very best Reverse Mortgage marketing training and commit to a membership at www.TheReverseMortgageMentor.com/

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