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I just do not get it. Our Congress keeps writing regulations that do not make sense in so many different ways, all under the guise of "helping" borrowers of the mortgage banking industry but they just keep making things worse. Let's talk about just 3 things that have gone into effect in the past 24 months that have hurt borrowers... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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... Read Full Article
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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.... Read Full Article
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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... Read Full Article
This material has not been reviewed, approved, or issued by HUD, FHA, or any government agency. All Reverse Mortgage, Inc. is an independent company and is not affiliated with, acting on behalf of, or endorsed by HUD/FHA or any government agency. This content is for educational purposes and is not tax advice. Reverse mortgage programs may not be available in all states.
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