May 22nd, 2009 | by John | published in Legislation, News, Reverse Mortgage
Late yesterday, Minnesota Governor Tim Pawlenty vetoed SF 489 which could’ve had negative consequences for both seniors and reverse mortgage lenders. The bill would’ve increased the rescission period for reverse mortgages to 10 days, added a suitability requirement, as well as increased restrictions on cross selling. “The the intention of this bill is to protect [...]
May 22nd, 2009 | by John | published in FHA, Gov. Updates, News, Reverse Mortgage
Last week, the U.S. Housing and Urban Development Secretary Shaun Donovan announced his intention to implement the mortgage reforms under the Real Estate Settlement Procedures Act (RESPA) which are scheduled to take full effect on January 1, 2010. For the first time in more than 30 years, HUD is updating mortgage rules to help consumers [...]
May 21st, 2009 | by John | published in Financial Freedom, JB Nutter, News, Reverse Mortgage, Reverseit
When JB Nutter announced it was suspending new submissions for its wholesale business, brokers scrambled to get files closed with other lenders and it lead to slower turn times across the industry. While things seem to be back to normal at Nutter, its “hiccup” at the beginning of the year was a great opportunity for [...]
May 21st, 2009 | by John | published in News, Reverse Mortgage
The Daily Times writes that the home of 72 year old Lorraine Zickefoose is scheduled to go up for auction because she fell behind on her payments with Wells Fargo Home Loans. Hoping to save her home, she applied for a reverse mortgage with John Smaldone’s AAXA Mortgage and was approved but due to falling [...]
May 21st, 2009 | by John | published in News, Reverse Mortgage, Reverse Mortgage Jobs
Below are just a few of the new jobs recently posted to Reverse Mortgage Jobs Online. Reverse Mortgage Loan Originator (Nashville) New Castle Mortgage Reverse Mortgage Careers (Multiple) Equitable Reverse Mortgage Company Reverse Mortgage Originator (Eatontown) Eagle Nationwide Mortgage Company Reverse Mortgage Specialist (Coral Springs) Senior Finance Network Reverse Mortgage Specialist (Various) Genworth Financial It only costs you $1 [...]
May 20th, 2009 | by John | published in FHA, News, Reverse Mortgage
Atare Agbamu has been very vocal about the way HUD updated its non-recourse policy with Mortgagee Letter 2008-38 and he follows it up with An Assault on Fairness: Quash Mortgagee Letter 2008-38, part 1. After asking HUD to revoke Mortgagee Letter 2008-38, Agbamu received emails from senior policy employees at HUD and below is a [...]
