A feature story in the upcoming June issue of Mortgage Banking Magazine will report a 31 percent drop in nationwide housing prices since values peaked in the second quarter of 2006. The hardest hit neighborhoods are found in the interior of California, where prices have plummeted as much as 70 percent. The story reports that [...]

Last week HUD issued Mortgagee Letter 2009-16 which provides guidance on changes to manufactured housing requirements for new and existing construction were made by the Housing and Economic Recovery Act of 2008.  ML 09-16 addresses the changes that can be implemented immediately. HUD defines a manufacture home as a structure that is transportable in one [...]

As predicted, the average HECM borrower will see their initial benefits decrease by $2,500 today. Ibis software handles many different indices. The rates as of May 27, 2009 are:

Reverse Market Insight published its wholesale lender report for April and shows that JB Nutter’s warehouse line problems impacted their wholesale business hard as its endorsement volume fell to 233 loans from 1331 in the previous month. Despite its major drop in volume, data shows that Nutter still has the highest capture rate of its [...]

Last week the U.S. Department of Housing and Urban Development’s Mortgagee Review Board took action against more than 120 lenders for violating FHA requirements.  Violations range from failure to conduct sufficient quality control, to failure to continue to meet FHA recertification requirements, to falsifying loan documents. "At this time of uncertainty in the mortgage market, [...]

Just a quick reminder that Sam Collins will be presenting another free training program session on Wednesday, June 3, 2009 at 2pm EST.  In Secrets to Blogging 201, Sam will review why it is important for reverse mortgage professionals to have their own Blog.  He will cover the the following: How to post How to [...]