Government continues its march toward greater involvement in private enterprise, including the reverse mortgage sector, with the Federal Trade Commission now expanding its scrutiny there. Senior agency attorney Carole Reynolds tells RMD, “We have new powers [granted] in the current federal omnibus appropriations act, which directs us to begin new mortgage rule making.” And, adds [...]

Senator Claire McCaskill held a Special Committee on Aging Field Hearing this week to examine reverse mortgage industry problems and possible solutions.  McCaskill feels that while this can be a useful tool for some, many elderly homeowners are prime targets for predatory lending schemes in a rapidly growing industry said a press statement. During her [...]

The average HECM borrower will see their initial benefits increase by $ 2,500 tomorrow.

Late Friday afternoon Security One Lending acquired OMNI Reverse in a stock transaction which makes it the 9th largest reverse mortgage lender according to HUD’s endorsement reports. The combination of the two organizations will bring together leading origination forces, mortgage banking expertise and marketing/fulfillment  systems into one company.  The mortgage banking operation, which is based [...]

When the Department of Housing and Urban Development unveiled its 2010 budget request last month, it included a request for $798 million credit subsidy for the FHA’s reverse mortgage program.  It’s the first time HUD has requested a subsidy for the program and left many questioning if the HECM needs to change in order ensure [...]

Reverse Mortgage Daily and Monte Rose are pleased to present another free training session where Monte will show you a Formula for Reverse Mortgage Success on Wed July 1st at 12pm (EST).  Whether you lead a sales organization or are a loan officer, the formula can be applied effectively. Additionally, he will “pull back the [...]