Bank of New York HECM 100 Information (Update)
January 19th, 2007 | by admin Published in Products | 7 Comments
Yesterday I was sent some program guidelines for Bank of New York’s new HECM 100* product that I had mentioned a few days ago. There are two differences between the HECM 100 and the FHA HECM.
1.) Margin = 1.00% This is .5% lower than the standard FHA program. What this means is the borrower has roughly about $8,000 more equity available to them just by choosing this program.
2.) Servicing fee of $35 This is $5 higher than the FHA HECM fee that is charged each month for the servicing of the loan.
A part of me was expecting a few more differences between the HECM 100 and the FHA HECM but I cant complain. It’s great to see a lender that is starting to differentiate themselves from the rest out there. With that said expect to see other lenders releasing new products in the near future. How near you ask? I have heard that we will be seeing a new product being released on Monday from one of the nations largest lenders… well see.
I give Bank of New York a lot of credit for being the first one to seperate themselves for the pack but I can guarantee they will be making some more changes very soon.
Have a great weekend!
Technorati tags: HECM, Reverse Mortgage, FHA, Senior Fiance, Mortgage
*HECM 100 is a registered trademarked by Bank of New York Mortgage
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January 27th, 2007 at 5:40 pm (#)
What is your origination fee?
January 30th, 2007 at 1:51 pm (#)
I originate Reverse mortgages and am very unhappy with Financial Freedom’s service, turn around time, integrity. I would welcome some competition for the ‘largest reverse mortgage lender’. Would Bank of NY process, underwrite and fund their products?
February 1st, 2007 at 8:52 pm (#)
I have a contact if anyone is looking for a way to fund Bank of NY HECM 100 and Financial Freedom products as well. Its nice working with someone other than financial freedom yet still being able to offer there products. Just send me an email and I will put you in touch.
John
February 5th, 2007 at 5:41 pm (#)
I market the RM program in Michigan and would appreciate the contact info for Bank of New York’s RM rep.
Thank you
February 6th, 2007 at 5:27 pm (#)
who is it I heard Countrywide is in the market
February 6th, 2007 at 9:08 pm (#)
I know that they are offering the standard HECM program to retail loan officers and select correspondent lenders. I’ve been told we should see there own product in the next few months.
February 15th, 2007 at 2:43 pm (#)
I contacted Bank of NY years ago and learned they only pay a $500 “referral fee” for reverse mortgages. Do they now permit licensed FHA title II lenders to originate and earn the two points?