The Federal Trade Commission has filed comments in support of the Federal Financial Institutions Examination Council’s (FFIEC) proposed guidelines designed to protect consumers from deceptive claims and to help them make better-informed decisions about whether to obtain a reverse mortgage.

“FTC staff believes that the Proposed Guidance addresses important issues related to reverse mortgages and does so at a critical juncture,” said the agency in its comments. “Reverse mortgage products have become more prevalent in recent years, and during an economic downturn even more elderly consumers may seek to use such products to obtain funds they sorely need.”

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Pentagon Federal Credit Union (PenFed) and Sun West Mortgage Company (SWMC) announced a joint initiative that allows PenFed to offer reverse mortgage services to its members.

PednFed will initially market the Federal Housing Administration’s reverse mortgage program to its members in Washington, D.C., Maryland, and Virginia, with plans to roll it out nationwide after the pilot is complete.

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Reverse Mortgage Daily and Sam Collins are presenting another free training session on April 6, 2010 at 2:00 PM where Sam will provide tips for managing your leads.

The “Filling the Funnel . . . Your Building Blocks to Success 
” session will cover:

• How to sort out the leads that flow into your funnel 


• How to add value to maximize your funnel 

Moving your prospect through the funnel 


• Keeping the funnel full 



The session will also provide time to share success strategies to keep your originations flowing month after month.

Space is limited so register today!

Date: Tuesday, April 6, 2010
Time: 2:00 PM – 3:00 PM EDT

Sign Up!

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,Training,Marketing

Included in the bill introduced earlier this week by Senator Chris Dodd is a provision to create a new grant program to assist states in their efforts to protect seniors from misleading financial advisor designations.

Senators Herb Kohl (D-WI), Bob Casey (D-PA), Claire McCaskill (D-MO), and Al Franken (D-MN), all members of the the Senate Special Committee on Aging, hailed the provision to protect older Americans from fraud at the hands of unscrupulous financial advisors.

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Cooper & Shein, LLC (dba Great Oak Lending Partners) announced it broke into the top 10 reverse mortgage lenders for the first time during February. According to data from the US Department of Housing and Urban Development, the company endorsed 90 units.

“Reverse mortgages reflect a growing market segment and Great Oak Lending is honored to be recognized as a top producer in this market,” said Joshua Shein, partner, Great Oak Lending Partners. “Our production volume is a direct correlation to our experience and expertise in helping the senior market understand this complicated product, demonstrating a confidence among this customer base.”

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The US Department of Housing and Urban Development (HUD) recently proposed a rule which would give it the authority under the The Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act) to establish a backup system and to determine whether individual state laws meet the SAFE Act’s minimum requirements.

If HUD determines that a State’s mortgage loan origination licensing standards do not meet the minimum requirements of the statute, HUD is charged with establishing and implementing a system for mortgage loan originators in that State. Additionally, if at any time HUD determines that the NMLSR is failing to meet the SAFE Act’s requirements, HUD is charged with establishing and maintaining a licensing and tracking system for mortgage loan originators.

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The Mortgage Industry Standards Maintenance Organization announced an alliance agreement with the National Reverse Mortgage Lenders Association to collaborate on the development of technology standards for the exchange of information about reverse mortgages.

“The NRMLA Board, membership and staff are excited about this partnership and the possibilities it brings to both organizations, by extending our strategic relationships into the technology sector,” said Robert Sivori, Co-Chair, NRMLA Technology Committee. “Our Technology Committee has built a solid foundation for understanding reverse mortgage data that will take advantage of the cost savings offered through automation and bring clarity to the processing of reverse mortgages.”

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