By | Published: February 2, 2011
Only a few months after the release of the HECM Saver in October 2010, the new product is gaining traction with some lenders, while others are just starting to turn their attention to the low cost reverse mortgage product. Different than the Federal Housing Administration’s HECM Standard, the Saver provides consumers access to a reverse mortgage product without the traditional upfront costs associated with the loans. Dubbed by some in the industry as the “HECM Savior”, many hope it could help reach a new group of borrowers – consumers without mortgage balances – and compete directly with a traditional home equity line of credit
By melissa | Published: February 2, 2011
Fidelis Mortgage announced that Eric Rittmeyer, president of the company received the designation of Certified Reverse Mortgage Professional (CRMP) created by the National Reverse Mortgage Lenders Association (NRMLA). “Qualifications for the exam are vigorous,” says Rittmeyer
Posted in Reverse Mortgage | Also tagged a-full-year, and-specializes, challenge, crmp, department, designation, housing, living-expenses, nrmla, qualifications, reverse mortgage, rittmeyer-, show-the-person, throughout-the
By melissa | Published: January 31, 2011
U.S. Senator Tim Johnson (D-SD) was named Chairman of the Senate Committee on Banking, Housing, and Urban Affairs on Thursday.
Posted in Reverse Mortgage | Also tagged financial, implementation, legislation, news, ranking, reverse mortgage, senator-chris, senator-johnson, senator-richard, urban-affairs, white
By | Published: January 25, 2011
The information that can be gleaned from the Department of Housing and Urban Development’s latest HECM data is quite revealing. For example, since the inception of the program until the fiscal year 2010, the highest overall ratios of MCAs to average appraised values is in the last three fiscal years. Currently it is over 95% while for the fiscal year 1990, the percentage was just over 77%.
By | Published: January 24, 2011
The Department of Housing and Urban Development (HUD) terminated the approval of sixteen branch offices, spanning a total of fifteen different lenders due to higher than normal default rates on loans endorsed by the Mortgagees. “HUD’s regulations permit HUD to terminate the Agreement with any mortgagee having a default and claim rate for loans endorsed within the preceding 24 months that exceeds 200 percent of the default and claim rate within the geographic area served by a HUD field office, and also exceeds the national default and claim rate,” said a notice published in the Federal Register.
By melissa | Published: January 24, 2011
The Department of Housing and Urban Development continues to expand into social media with the launch of HUDle – a new interactive blog. “We’re going to have regular bloggers, guest bloggers, video blogs, and special behind-the-scenes-at-HUD content you won’t find anywhere else,” said the statement from HUDle. The latest from the blog announced the launch of a new ebook store from HUD.
Posted in Reverse Mortgage | Also tagged a-new-ebook, and-experience, check-it-out, digital, emergence, fha, free-downloads, housing, news, reverse mortgage, statement, their-variants, with-the-launch
By | Published: January 21, 2011
GreenPath Debt Solutions announced it’s providing free reverse mortgage counseling for seniors interested in HECM loans. “Reverse mortgages are not for everyone, but for some, it’s a viable option that should be considered,” said Setina Briggs-Kelly, housing manager for GreenPath Debt Solutions. Reverse mortgages enable homeowners age 62 or older to convert their home’s equity into cash
By melissa | Published: January 20, 2011
Atlantic Bay Mortgage Group announced a partnership with XINNIX to provide interactive online training and leadership development programs to its loan officers and branch managers with a comprehensive suite of sales and leadership training programs. “We are continually seeking ways to remain an innovative leader in our market,” said Brian Holland, president and co-founder of Atlantic Bay
By melissa | Published: January 18, 2011
NeighborWorks America was awarded more than $7 million from the Department of Housing and Urban Development as part of the agency’s grants to support housing counseling and training. Specifically, the NeighborWorks Center for Homeownership Education and Counseling (NCHEC) was awarded $3.05 million to continue its work in promoting counseling standards and building the skill capacity of nonprofit housing organizations as well as administering the HECM program
Posted in Reverse Mortgage | Also tagged counseling-and, department, exam-oversight, hecm, homeownership, housing, nchec, neighborworks, provide-reverse, reverse mortgage, skill-capacity, support-housing, works-america-
By | Published: January 18, 2011
The Chicago Tribune is reporting that many seniors with reverse mortgages have been neglecting to pay property taxes and homeowner’s insurance and the government is developing new educational tools and written communications to help. With $3 million from the Department of Housing and Urban Development, counseling agencies will be working with homeowners who fall behind and will be asking more detailed upfront questions about homeowners’ finances before the loan closes. “We’re getting people to think more broadly about what they’re doing with home equity,” said Barbara Stucki, vice president of home equity initiatives for the National Council on Aging.
Posted in Reverse Mortgage | Also tagged barbara-stucki, chicago-tribune, counseling, crisis, finances-before, homes, housing, maintain-their, money, mortgages-have, news, pilot, pilot-program, reverse mortgage
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