Comments on: Why Eliminating The HECM Advisor Program Will Hurt The Reverse Mortgage Business http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/ Reverse Mortgage News and Information Wed, 23 May 2012 19:20:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Pullback of Regulations Opens the Door for Increased Reverse Mortgage Volume | A First Class Life http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-48421 Pullback of Regulations Opens the Door for Increased Reverse Mortgage Volume | A First Class Life Wed, 15 Jun 2011 16:27:15 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-48421 [...] not the HECM Advisor Program, but the Department of Housing and Urban Development’s decision to allow brokers not approved [...] [...] not the HECM Advisor Program, but the Department of Housing and Urban Development’s decision to allow brokers not approved [...]

]]> By: Pullback of Regulations Opens the Door for Increased Reverse Mortgage Volume | InternetRSSFeeds http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-48420 Pullback of Regulations Opens the Door for Increased Reverse Mortgage Volume | InternetRSSFeeds Wed, 15 Jun 2011 15:39:25 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-48420 [...] not the HECM Advisor Program, but the Department of Housing and Urban Development’s decision to allow brokers not approved [...] [...] not the HECM Advisor Program, but the Department of Housing and Urban Development’s decision to allow brokers not approved [...]

]]> By: Jerry Findley http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-8382 Jerry Findley Tue, 23 Sep 2008 14:02:16 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-8382 M Opulant is absolutely right. Quit whining and pontificating and try WORKING! Too many of you want to ride the gravy train and haven't worked a hard day in your life. I absolutely LOVE the new laws and my business is thriving! It's butter baby! M Opulant is absolutely right. Quit whining and pontificating and try WORKING! Too many of you want to ride the gravy train and haven’t worked a hard day in your life. I absolutely LOVE the new laws and my business is thriving!

It’s butter baby!

]]> By: M Opulant http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-8381 M Opulant Tue, 23 Sep 2008 13:57:01 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-8381 It's the best news in years! FINALLY some cleansing of the mortgage Gene Pool! The only people complaining are the ones that have no other way of doing business and shouldn't be touching HECMs anyway! Life is good when you add chlorine! It’s the best news in years!

FINALLY some cleansing of the mortgage Gene Pool! The only people complaining are the ones that have no other way of doing business and shouldn’t be touching HECMs anyway!

Life is good when you add chlorine!

]]> By: Jim Agoritsas http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-7919 Jim Agoritsas Wed, 17 Sep 2008 16:34:49 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-7919 I think alot of people who are in favor of eliminating the HECM Advisor program come to the table with a hidden adgenda. Who do you think becomes the immediate beneficiary of this prohibition?? It's the large lenders with 'store fronts'. They want to eliminate the competition created by the non FHA banks and credit unions and also the FHA lenders who do not have the 'branches' like Bank of America, etc. It's all about money and power NOT about what's best for our Seniors. I think alot of people who are in favor of eliminating the HECM Advisor program come to the table with a hidden adgenda.
Who do you think becomes the immediate beneficiary of this prohibition??
It’s the large lenders with ‘store fronts’. They want to eliminate the competition created by the non FHA banks and credit unions and also the FHA lenders who do not have the ‘branches’ like Bank of America, etc.
It’s all about money and power NOT about what’s best for our Seniors.

]]> By: The Great American Philosopher http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-5585 The Great American Philosopher Sun, 10 Aug 2008 22:51:19 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-5585 Larry, I have to disagree with you in one way yet I agree with you in another way. The "Applicant Assistant Agreement" alludes to the fact you are not to steer the borrower to any one lender, most of the agreements state that, but not all of them do. The HUD version does but many companies have their own custome form. However, where this gets tricky and yet ridicules on the part of HUD. In order for an advisor to be an advisor, they have to sign an agreement with a provider. The advisor also must be under the supervision and training of the provider. In most cases the advisor would have the providers software in order to run an analyses for a potential borrower. The point I am making is that if you are to supposed to show a potential borrower to more than one provider as you point out, you would need to be signed up with three different providers? It does not make sense, does it? We must use our common sense, HUD does not. HUD half of the time does not know how to enforce its rules and regulations and does not understand half of the regulations they write up! From my statement Larry, I will let you and everyone who is reading my reply to you make their own decision? Have a great evening. Best regards, The Great American Philosopher www.thegreatamericanphilosopher.com By John A. Smaldone, johnsmaldone@charter.net Larry,

I have to disagree with you in one way yet I agree with you in another way. The “Applicant Assistant Agreement” alludes to the fact you are not to steer the borrower to any one lender, most of the agreements state that, but not all of them do. The HUD version does but many companies have their own custome form.

However, where this gets tricky and yet ridicules on the part of HUD. In order for an advisor to be an advisor, they have to sign an agreement with a provider. The advisor also must be under the supervision and training of the provider. In most cases the advisor would have the providers software in order to run an analyses for a potential borrower.

The point I am making is that if you are to supposed to show a potential borrower to more than one provider as you point out, you would need to be signed up with three different providers? It does not make sense, does it? We must use our common sense, HUD does not. HUD half of the time does not know how to enforce its rules and regulations and does not understand half of the regulations they write up!

From my statement Larry, I will let you and everyone who is reading my reply to you make their own decision? Have a great evening.

Best regards,

The Great American Philosopher

http://www.thegreatamericanphilosopher.com

By John A. Smaldone, johnsmaldone@charter.net

]]> By: Larry Batch http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-5584 Larry Batch Sun, 10 Aug 2008 22:28:32 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-5584 everyone forgets what the role of a Advisor is. many banks have found out they were in violation of there rules. One is that a adviser has to show borrowers more than one bank probly 3 to makes sure borrower is getting the whole story. in other words you can't you use your fsvorate lender who is paying you a commisson. That is not the role of an advisor. everyone forgets what the role of a Advisor is. many banks have found out they were in violation of there rules. One is that a adviser has to show borrowers more than one bank probly 3 to makes sure borrower is getting the whole story. in other words you can’t you use your fsvorate lender who is paying you a commisson. That is not the role of an advisor.

]]> By: David A. Eisler http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/comment-page-1/#comment-5556 David A. Eisler Sun, 10 Aug 2008 02:37:06 +0000 http://reversemortgagedaily.com/2008/08/05/why-eliminating-the-hecm-advisor-program-will-hurt-the-reverse-mortgage-business/#comment-5556 John, I agree with you totally...we who are in the RM field directly can be a real blessing to the Forward market from a financial point of view, what ever % HUD allows; and even more to the seniors who 'finally' make their contact with the RM world through the only avenue the senior knows, the Forward mortgage world...let us not kill off an avenue for the seniors to walk down. DAE John,

I agree with you totally…we who are in the RM field directly can be a real blessing to the Forward market from a financial point of view, what ever % HUD allows; and even more to the seniors who ‘finally’ make their contact with the RM world through the only avenue the senior knows, the Forward mortgage world…let us not kill off an avenue for the seniors to walk down. DAE

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