On a daily basis, we hear about the economic crisis and the hardships plaguing our country, from the loss of jobs, to high unemployment rates, crashing property values and companies closing up shop. It’s disconcerting to say the least. What I find to be more disturbing is that our lawmakers would reject a $789 million [...]

\Many of us know that Section 1109 of HERA (the Housing and Economic Recovery Act of 2008, PL 110-289) requires a reduction to the mortgage portfolio of Fannie Mae. Although it is doubtful, this could result in the ultimate exclusion of HECM acquisitions by Fannie Mae. Readers have been voicing their concern over where NRMLA [...]

Looking for a good reason to head to Texas in August?  As long as its not in Houston, I am.  Join RMD and others from the industry on August 6th to celebrate the 10th anniversary of Reverse Mortgages in Texas. People from all over the country will be in Austin to discuss the policies that [...]

The House of Representatives passed HR 3288 late last week by a vote of 255-168, which made appropriations for the Departments of Transportation, HUD, and related agencies for FY 2010. The bill includes two three provisions for reverse mortgages, one which extends the higher loan limit for FY 2010.

Celink, a Lansing, Michigan based reverse mortgage subservicer, recently obtained approval from Ginnie Mae as a “Participation Agent” for the FHA HECM (reverse mortgage) Mortgage Backed Securitizations.  As a participation agent, Celink will be responsible for the accounting and data management aspects of the issuers loans.  While Celink has been a subservicer on six current [...]

Despite the 10-year swap rate rising by ten basis points, there is no change in principal limits as both this week and last week’s rates fall into the same nearest eighth bucket. The rates as of 7/28/09 are: