March 31st, 2009 | by John | published in Generation Mortgage, JB Nutter, News, Reverse Mortgage, Top HECM Lenders
RM Insight published a new report which details how the wholesale reverse mortgage business has performed over the last year. In terms of rankings, the only wholesaler that moved up from the end of 2008 is Generation Mortgage. The Atlanta, GA based wholesaler moved from 8th at the end of 2008 to 6th over the [...]
March 31st, 2009 | by Jim | published in Commentary, News, NRMLA, Reverse Mortgage
While the immediate increase in the number of investors buying HECMs is a good and noble goal, the way Fannie Mae has chosen to achieve that objective will result not only in human suffering and financial costs but also potential long-term damage to the reputation of the HECM program. In a comment on March 28th, [...]
March 31st, 2009 | by John | published in News, Rates, Reverse Mortgage
This week, only Treasury-based HECM’s with a margin of +282 or less can pay the HECM maximum Principal Limit. Ditto for LIBOR-based HECM’s with margins of +260 or less. Current margins are higher than these figures. This week fixed-rate HECM’s range from 5.81% to 7.250% so we explore the range of benefits. Using this week’s [...]
March 30th, 2009 | by John | published in FHA, News, Reverse Mortgage
Today, the U.S. Department of Housing and Urban Development (HUD) published Mortgagee Letter 2009-11 to provide a compilation of guidance issued under ML 2008-33 and to address other aspects of the HECM for Purchase program. According to HUD’s statement, ML 09-11 supersedes ML 2008-33. There have been loads of questions regarding the HECM for purchase [...]
March 30th, 2009 | by John | published in News, Reverse Mortgage
Next Generation Financial Services (NGFS), a division of 1st Mariner Bank announced that it added Robert Wallace as a Regional Manager. Wallace has been in the reverse mortgage business since 1994 and was an area sales manager for Financial Freedom. Prior to joining NGFS, Wallace was the eastern Sales Director for 1st Reverse Financial Services. [...]
March 30th, 2009 | by John | published in Leads, News, Reverse Mortgage
LendingTree recently rolled out several new lender-facing products geared towards helping LendingTree Exchange lenders be successful with consumers looking for the right loan advice and solution. "Our goal is to remain an essential and important partner to our Lender Exchange, providing them a consistent source of high-quality consumers who are ready to work with top-notch [...]
