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Reverse Mortgage Costs to Rise with Dodd-Frank Financial Reform

March 9, 2011     no comments

Everyone affiliated with the Mortgage industry should be aware of the upcoming changes regarding Loan Officer Compensation that are set to take effect on April 1, 2011 and the negative impact they will have on the consumer. Simply, the law restricts Loan Originators from earning an Origination Fee and YSP (Yield Spread Premium) on a transaction simultaneously. What this does...
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(Update) AARP-HUD Reverse Mortgage Lawsuit for Underage Spouse

March 8, 2011     2 comments

Update: HUD Prevails in AARP Lawsuit—But Issues Remain Last Friday, HUD won the dismissal, without prejudice, of the case AARP filed against it on behalf of non-borrower HECM loan widowed spouses facing foreclosure. A description of the Court's decision, and an initial analysis, was prepared by NRMLA's counsel, Weiner Brodsky Sidman Kider PC: This past Friday, July 15, HUD...
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Wells Fargo Reverse Mortgage Exits Broker Business

March 1, 2011     2 comments

Message to Wells Fargo Reverse Mortgage Brokers: Reverse Program Changes for Wells Fargo Wholesale Lending A Message from Kathleen Vaughan, Executive Vice President, Wells Fargo Wholesale Lending After a detailed review and evaluation, Wells Fargo Wholesale Lending only will discontinue offering Home Equity Conversion Mortgages (HECM), or Reverse mortgages. This move allows us to focus on forward mortgages and our...
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Bank of America Reverse Mortgage Shuts Down Operations

February 4, 2011     12 comments

Bank of America Shuts Down Reverse Mortgages Bank of America Reverse Mortgage announced today that they will exit the reverse mortgage business. This comes as a surprise to many, especially since they paid about $220 Million for Seattle Mortgage to get into the business in a huge way in 2007....
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About Reverse Mortgages

February 4, 2011     1 comment

What Are Your Dreams for Retirement? Peace of Mind - own your home without making monthly mortgage payments, with extra money set aside for unexpected expenses or health care costs. Freedom - easily pay your monthly bills, with enough extra cash to live comfortably and enjoy the occasional luxury. Recreation & Leisure - enjoy time hosting friends and family, participating...
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