A few weeks ago Bank of America said that after reviewing policies and procedures as they relate to the Illinois High Risk Home Loan Act (HRHLA), it was suspending the fixed rate HECM in the state. For the purposes of the HRHLA, the bank said closing costs which exceed 5% of the principal limit are [...]

Reverse Mortgage Daily and Reverse Fortunes are presenting another free training session on Thursday, November 5 at 11pm PST where they will teach you how to effectively communicate the HECM for purchase program. They will provide you with the tools to professionally influence not only the public, but realtors and professional advisors.  If you are [...]

The Wall Street Journal is reporting that Bank of America has been able to save approximately 20 seniors from losing their homes due to defaulting on option arm products taken out during the housing boom. Pedro Garcia, a 69 year old retired corrections officer owed about $490,000 on his Southern California home which was recently [...]

With the enactment of any new law, the first questions that arise surround the date that the act goes into effect and the problems that the new law creates. Unlike federal legislation, there is no HUD like agency to provide guidance or direct the implementation of California Assembly Bill (AB) 329. In other words, do [...]

I’ve been hearing from several HECM counselors and reverse mortgage lenders about the problems associated with some of the new counseling procedures and FHA Connection.  Below is an article written by Enrique M. Juarez, HECM Manager, CCCS of Orange County to help explain some of the issues. Technology

The Office of Comptroller of the Currency (OCC) hopes to issue guidance by the end of the year to help banks manage the risk of originating reverse mortgages said Ann Jaed, Deputy Comptroller for Compliance Operations at the OCC during an interview with the National Reverse Mortgage Lenders Association. Before becoming final, the guidance will [...]