Late last week, JB Nutter announced that it was halting all forward wholesale originations, due to its funding “bottleneck”.  ML Implode posted a copy of the email which was sent to brokers that said: “From this point forward, James B. Nutter & Company will not be accepting registrations or files for “forward” mortgages any longer. [...]

Last week the Senate confirmed Shaun Donovan to be the nation’s new housing secretary in the Obama Administration.  Donovan starts his job as originations of Federal Housing Administration-backed single-family loans have tripled over the past year. At the hearing, Donovan said that FHA has "capacity issues that require immediate attention." Donovan has been a big [...]

Financial Freedom recently sent out a notice to brokers that they’re starting to close HECM for purchase loans starting today, January 23, 2009.  Unlike one other wholesale lender, Financial Freedom isn’t requiring its brokers have a $10MM net worth either. Most reverse mortgage lenders are waiting until HUD issues the new HECM for purchase mortgagee [...]

The Wall Street Journal posted a new article about how the demand for reverse mortgages has climbed as retirement savings have plunged during the recession.  WSJ writer Jilian Mincer describes how the market is expected to grow significantly as baby boomers with inadequate savings tap their home equity to fund retirement. "Americans have the bulk [...]

Like the US, the demand for reverse mortgages in Australia is as strong as ever.  However, it hasn’t stopped lenders from leaving the market.  Australian financial firm Canstar Cannex announced yesterday it would no longer rate reverse mortgage products, citing that eight lenders had left the market or stopped promoting new loans in the past [...]

Genworth Home Equity Access recently updated its Marketing Solutions Portal, which enables brokers to streamline their direct marketing to business partners.  By utilizing the portal, wholesale partners can customize pre-designed reverse mortgage collateral with their logo, picture, and contact information. "The marketing solutions portal gives approved and active Genworth Broker Partners the ability to market [...]