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FHA Announces $417,000 Reverse Mortgage Loan Limit There was significant debate within HUD to consider area limits at 115% of area median home value, with a floor of $417,000 and a cieling of $625,500. Ultimately, the interpretation was determined that the new legislation will be a $417,000 loan limit. This was the original limit embraced by the the reverse mortgage industry. [full article] Publ.Date : Thu, 2 Oct 2008 04:58:00 +0000 Wells Fargo to buy Wachovia in $15 Billion Dollar Merger NEW YORK (MarketWatch) -- Wells Fargo & Co. and Wachovia Corp. have agreed on a $15 billion merger that highlights the buyer's strong balance sheet and aspirations to expand its presence in the eastern U.S., the companies said Friday. "This morning's announcement indicates that there are still buyers, even in this environment, for attractive franchises like Wachovia," Morgan Keegan banking analysts said. [full article] Publ.Date : Thu, 2 Oct 2008 04:58:00 +0000
New Mortgagee Letter Aims to Crack Down on Default Scheme In a "buy and bail" a borrower buys a new home for less money with the intention of immediately defaulting on their current principal residence. The purchase of the new, less expensive property is made possible by the borrower providing misleading or false information concerning the rental income of the principal residence, which allows them to qualify for the new mortgage.
[full article] Publ.Date : Thu, 2 Oct 2008 04:58:00 +0000 Fannie Mae, Freddie Mac shares climb WASHINGTON (AP) — Shares of Fannie Mae and Freddie Mac climbed for a second day Tuesday amid expectations in some Wall Street quarters that the mortgage finance giants will be able to weather the housing storm without a government rescue. Fannie shares rose 43 cents, or 8.3 percent, to $5.62 in afternoon trading, while Freddie advanced57 cents, or 17.3 percent, to $3.86.
[full article] Publ.Date : Mon, 26 Aug 2008 04:58:00 +0000 Specialized, not predatory loans for seniors on fixed income WASHINGTON — A day after the government seized control of the nation’s two largest mortgage finance companies, policy makers and Congress began what promises to be an epic political fight over how to revamp the companies once the current crisis ends. [full article] Publ.Date : Tue, 9 Sep 2008 10:03:00 +0000 Reinventing Two Mortgage Giants: A Big Rebuild or a Teardown? WASHINGTON — A day after the government seized control of the nation’s two largest mortgage finance companies, policy makers and Congress began what promises to be an epic political fight over how to revamp the companies once the current crisis ends. [full article] Publ.Date : Tue, 9 Sep 2008 10:00:00 +0000 Sun West Mortgage Acts Again As Master Servicer In Ginnie Mae HMBS Reverse Mortgage Securities CERRITOS, Calif./EWORLDWIRE/Aug. 26, 2008 --- In July, 2008, Sun West Mortgage completed $150 million in issuances of Ginnie Mae HMBS Reverse Mortgage securities. Sun West, acting as Master Servicer to the transactions, has completed over $420 million total in HMBS Reverse Mortgage issuances. This is a significant percentage of the $648 million in Ginnie Mae HMBS Reverse Mortgage issuances since the program's inception on September 7, 2007. [full article] Publ.Date : Tue, 26 Aug 2008 04:56:00 +0000 State Offers Website on Reverse Mortgage BOSTON — With the popularity of reverse mortgage loans on the rise among Massachusetts senior citizens, the Office of Consumer Affairs and Business Regulation (OCABR) and the Executive Office of Elder Affairs (EOEA) has launched a new web site, www.mass.gov/reversemortgage, to provide information and guidance to borrowers about these types of products. [full article] Publ.Date : Mon, 21 Aug 2008 01:08:00 +0000 How the Housing Law Affects Reverse Mortgages: Most Seniors Should Be Cautious The housing bill signed by President Bush on July 30 raises the amount seniors can borrow using federally backed reverse mortgages and lowers the cost of getting the cash. But aging experts say you should still be cautious before spending down your home equity. [full article] Publ.Date : Mon, 18 Aug 2008 01:08:00 +0000 All Reverse Transactions Closed By Parent Company Late today All Reverse Transactions (ART) which is a division of Lenders First Choice announced that its parent company Mercury Companies is closing their office. According to the San Francisco Business Times, the The decision follows a move by Mercury’s lenders to pull their line of credit after they failed to meet loan requirements. [full article] Publ.Date : Thu, 31 Jul 2008 01:08:00 +0000 President Signs Housing Bill, Reverse Mortgages Receive New Loan Limit and More Early this morning President Bush signed the Housing and Economic Recovery Act of 2008 with his economic team on hand, including Treasury Secretary Henry Paulson who helped negotiate the package with the Democratic-controlled Congress. Reverse mortgage originators have been anxiously anticipating the Bill which gives HECM’s a national loan limit of $417,000 and a max of... [full article] Publ.Date : Wed, 30 Jul 2008 13:20:00 +0000 Reverse Mortgage Training Reminder A quick reminder that Reverse Mortgage Daily and Stephen Kinney are presenting another free training session on August 6, 2008 at 12PM (EST). “Overcoming Decision Paralysis”, Tips on helping seniors come to the right decision. In the session Stephen will cover: How to avoid, prevent, and vaccinate against Decision Paralysis. How to identify the symptoms [full article] Publ.Date : Tue, 29 Jul 2008 13:03:00 +0000 Reverse Mortgage Rates Update This week, Treasury-based HECM’s with a margin of +146 or more will give $2,750 less to the average HECM borrower. Ditto for LIBOR-based HECM’s with margins of +76 or more. Using these margins, the initial note rate on a LIBOR HECM will be 57 bp less than that on a Treasury HECM. Ibis software handles many [full article] Financial Freedom’s Servicer Rating Downgraded Even With FDIC Backing Even with the Federal Deposit Insurance Corporation (FDIC) as conservator, Fitch Ratings announced last week that they downgraded Financial Freedom’s residential primary specialty-reverse mortgage servicer rating to RPS5. As a result of the servicer being downgraded to the lowest rating, it has been removed from Rating Watch Negative where it was originally placed on [full article]
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May 2008 Reverse Mortgage Success Expo ReviewOk readers, I have attended many industry conventions and they all wreaked of the same grab a bag, collect the junk, listen to the hype and hope you made at least two good contacts to make the trip worth the time and expense. Even though I was a sponsor at the Success Expo in Vegas last week, I was blown away at the "star quality" appearance of the best in the industry that captured all of our ears with ringing enthusiasm. Every speaker gave subject matters of needful tools of fulfillment encompassing every aspect of what you must have to close more loans and be successful in the reverse mortgage industry.I was expecting to see speakers influence a taste of material only to con you into purchasing the brass ring of knowledge with a huge price tag. Instead, participants were coached, got involved in discussions and walked away with a handbook full of priceless material for future successes. Even though the attendees were approached with offers at the end of each presentation, almost all speakers gave one heck of a discount which in turn did not relay any pressure to buy, but the audience still did not walk away empty handed nor confused. I wish I had the time to paint you a picture of what every speaker brought to the table along with everything I learned, but it would be a 200 page document at least. All I can say is that if you are a sales manager and looking for a place to send your team to learn about the sales and marketing schematics in the reverse mortgage market, you would be a poor manager if they did not attend this event. I will vouch for this event as the best of the industry so far. If you didn’t attend this one in Vegas, then you "must" attend the next one.. See you there! |
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