Comments on: Congress Passes Extension of Higher Reverse Mortgage Loan Limits

By: Anonymous

Anonymous — Tue, 22 Dec 2009 22:38:00 +0000

Mr. Veale – Thank you for taking the time to clarify the process for me; I obviously misunderstood it!nnBTW, while I “subscribe” to email replies to my posts, I’ve never received one. I just happened to find the “Replies” section in my Profile today and found several of your (typically) thoughtful responses – first time I’ve seen them! Thanks again.

By: REVGUYJIM

REVGUYJIM — Tue, 22 Dec 2009 20:38:58 +0000

Mr. Veale – Thank you for taking the time to clarify the process for me; I obviously misunderstood it!

BTW, while I “subscribe” to email replies to my posts, I've never received one. I just happened to find the “Replies” section in my Profile today and found several of your (typically) thoughtful responses – first time I've seen them! Thanks again.

By: dduck12

dduck12 — Tue, 03 Nov 2009 12:52:46 +0000

jamesnelson: Try some tact and courtesy for a change and maybe your opinions will carry more weight. No more baloney about anonymity and accusing people of lying. Yes, I am a senior (71), and try to act like one, most of the time (not this time though).

By: jamesanelson

jamesanelson — Tue, 03 Nov 2009 01:02:20 +0000

Like I said before: BALONEY. I stand behind EVERYTHING I have written and WHAT'S MORE–I have the good sense, common courtesy, and intellectual courage to sign my actual name, unlike you, Critic. And furthermore, if you are really a Senior, YOU ought to be ashamed of your self for hiding behing an alias.

By: The_Critic

The_Critic — Mon, 02 Nov 2009 22:30:18 +0000

Mr. Nelson,

I have no idea why you persist in attacking Mr. Bell and the NRMLA staff. This kind of activity only draws negative attention to a truly hard working and caring individual -- you. NRMLA is what it is. It is a lenders organization and tries to promote the industry as well as it can.

While it is all right to call what I write baloney, please do not apply that same principle to an individual who is a recognized leader in our industry like Mr. Bell. That really reflects badly on you. I am sure many others call what I write baloney and have said it before. Who am I?

You are a senior like me. We are both full grown men. Just understand, what you write has consequences; so please be careful what you write.

By: jamesanelson

jamesanelson — Mon, 02 Nov 2009 17:29:28 +0000

Baloney: What you are asking me to accept is NRMLA should only be concered about the Forest; what happens to an individual Tree is immaterial to them. And, Peter Bell and his Band of Lobbying Luminaries are above
the fray at the grass roots level. Nonsense. How much time and effort (and money) does it take one (even a subordinate) to pick up the telephone and contact key people at a particular NRMLA Member to inquire about help with resolving the issue? What is missing is the will to help an individual Senior, in my opinion.

By: The_Critic

The_Critic — Mon, 02 Nov 2009 17:11:33 +0000

Mr. Nelson,

It is good to see you are actively involved once more.

While no one needs to defend Mr. Bell, sometimes people seem to think NRMLA is a senior advocate group but that simply is not the case. NRMLA is our industry trade association. It rigorously promotes the concerns of the reverse mortgage industry and defends our interests. Some promote the idea that along with its industry responsibilities, it also has responsibility for representing seniors in almost every way imaginable.

You bring up a good point. Here is a reverse mortgage lender doing something that appears inconsistent with that mission. Nationally chartered banks are complex entities. I very much doubt if the mortgage was owned by Bank of America; however, it probably is the servicing entity. As the servicing entity, there is little Bank of America can do other than following the stipulations its agreement as the servicer requires of it.

It seems since the loan in question is a forward mortgage the right organization to be handling this issue is the MBA. NRMLA cannot right every wrong in the mortgage industry impacting seniors or even for seniors who want to replace their forward mortgage with a reverse. If it did, no monies would be left to provide the services that only NRMLA does. We are a dinky industry and the trade association has a very limited budget.

By: James_E_Veale_CPA_MBT

James_E_Veale_CPA_MBT — Mon, 02 Nov 2009 14:56:14 +0000

Much agreed.