Below is the list of top 10 wholesale reverse mortgage lenders of 2008.  Overall, 2008 was a great year for wholesale lenders, with 80% of the top 10 seeing their volume at least double from 2007.  This should be an interesting year for wholesalers, with Nutter having problems others are bound to pick up market [...]

The HECM for purchase seems to be on everyone’s mind these days.  As we wait for HUD’s guidance on the program I thought I’d pass along some information that Financial Freedom issued about the HECM for purchase documents.  For the most part, the documents will be the same documents as the non-purchase HECM standard application [...]

Yesterday the House of Representatives approved President Obama’s economic recovery plan with vote of 244-188.  The text of the bill does include the reverse mortgage provision which was added in response to a request that came jointly from NRMLA and AARP.  The provision would  set the single national loan limit for HECMs at a higher [...]

Genworth Financial announced today it’s expanding its wholesale Reverse Mortgage division in response to more than 1,300 new lenders entering the reverse mortgage market in 2008.  Genworth Financial Home Equity Access, has hired additional staff and realigned senior management to better serve the needs of its rapidly growing wholesale customer base. As part of Genworth’s [...]

Standard & Poor’s recently announced that it raised its ranking on Celink, a privately owned mortgage service to Above Average from Average as a reverse mortgage servicer.  According to the press release, Celink’s upgraded ranking is based on its management team, a significantly improved proprietary technology system, and superior policies which enable it to effectively [...]

Add the IRS to the latest organization that has muddied the reverse mortgage “waters.” Many times the IRS is unreasonably, unjustifiably, and unfairly blamed for tax provisions it must enforce even though Congress and in most cases the President created them — whether the IRS supported their creation or not. This is NOT one of [...]