Way to go HUD....Now that's how you clean up the business..have the law breakers pay a small fine (I wonder how much they made on those 10 loans) and slap them on the wrist and let them continue to do business....individuals go to jail.......businesses get a "get out of jail free card". Maybe when the industry starts to take the law seriously and throw the lawbreakers out, reverse mortgages will start to see some strong positive light.

Mr. Nelson,

What does your bedroom have to do with Sunwest? Your one time experience with a caring broker is not Sunwest. Ten loans plus farlure to report is not a mistake.

Your bedroom exploits and body functions belong somewhere else. Please keep them there.

Critic, The Cowardly Loquacious Idiot: You better get a sense of humor before you die of a Cogged Colon. SunWest is a great Compay and you
leave a lot to be desired in terms of simple intelligence.

Many idiots think everyone else is one. Please clean up your act, it doesn't reflect well on you and certainly diminishes the value of this forum.

Once again, another cowardly writer hiding behind an alias: That is what actually diminishes this forum. And also again, SunWest for me is a great Company. Strange that neither blogger (oh yes that's what you people think gives you permission to attack others and hide your real name. I thought
the reverse mortgage Industry was supposed to reflect tranparancy.) mentioned the fact that while mistakes may have been made, ten Seniors
were allowed to remain in their homes through the work of Sun West Mortgage. For some in this Industry, pparentyly, that fact is immaterial.

jamesanelson,

I am tired of reading how you do not use an alias. Here you go again bragging. Sir, tell me does the name jamesanelson appear on your driver’s license, marriage license, high school diploma, children’s birth certificate, your birth certificate, employment application, etc.

Where oh where does that name appear almost daily? You got it right here on Reverse Mortgage Daily. You may want to say that that is the only way you can get your name on this website, yet it is an alias. Based on your standards, Bob Green and Peter Bell have far greater integrity than you. After all they are not using blogging aliases like you and me.

Sir, I am far far more honest than you. When people look at my blogging name they know it is an alias but how can anyone rely on the fact that your name is not an alias. Are you Mary Kay Brown or Joey Selfrighteous? If I sat at a table in a restaurant next to yours, I would have no idea that the person sitting next to me was the one, the only great RMD commentator, jamesanelson. So even if you can use James A. Nelson as your blog name, what difference is it? It might as well be an alias.

Do I have integrity in using my blogging name? Yeah, a lot more than a guy who claims not to be using an alias when his blogging name is jamesanelson. At least everyone knows that my blogging name is different from my legal name. No one really knows what is what with you.

Maybe I can be clearer. When you call people cowards and criticize their business practices, of which you know nothing, and then hold yourself to be a paragon of taste and business expertise and humor, because you use your name on a post, you are polluting the forum. What next, a duel?

I stand by EVERYTHING I have written: One never gets into a duel with a coward--they are lable to shoot you in the back while you are walking ten paces, prior to turning around to face one's adversary. And now, I'll move on to matters more important.

jamesanelson,

It looks like we share a similar name, maybe. Who is using an alias and who is not?

Wow...all I have to say is "wow"! Is it a full moon?

Mr. Nelson,

Why is it such a big deal that your personal mortgage lender is alleged to have done eleven things wrong for which HUD fined it? Do you sell their products? Are you acting like an ostrich?

Bob Green is right; there is little doubt that if the allegations are true, Sun West made more money than it lost on those deals. It looks like a calculated risk and financially, Sun West won. Can you disprove it?

What evidence did you have for saying that “ten Seniors were allowed to remain in their homes through the work of Sun West…”? Did you have the documents to verify that statement at the time you made it or any time thereafter? Were any of the loans, HECMs for purchase? How many of the properties had liens prior to the HECMs and what were the LTVs? Were any of the proceeds used in a cross selling arrangement? Did the seniors simply want guaranteed lines of credit? Etc. Prove your case; provide the documents.

No one is advocating the HECMs be rescinded or the seniors moved out. But maybe just maybe, Sun West was treated with kid gloves when a stronger remedy should have been applied.

Here is the opportunity to either show yourself as being as right as you claim or being shown up as a blowhard. Which are you? Now is the time for the cream to rise to the top.

Hey Critic, how were the triple espressos today, was it two or three.

Have a good weekend.

dduck12,

Maybe it's lack of sleep. I have been burning the midnight oil recently. A few expressos would help about now.

I guess it is about time for us alias users to hang it up until Monday. How about those Yankees??

Have a great weekend!!

I'm sorry this is tardy; I;ve been busy with more important matters. Yes indeed, James A. Nelson is my legal name.
Same is true on all of the documents you list. And what's more I can be reached at 425-747-2888, our number for 37 years. To the other James A. Nelson--welcome aboard; we have a very common name. Critic and dduck,
you two are birds of a guno stained feather. I'l match satisfied FHA HECM clients with either one of you.

Mr. Nelson,

“ten Seniors were allowed to remain in their homes through the work of Sun West...."

Just remember this as the day you refused to back what you said.

Lets get back to the issue here folks...

"HUD alleges that the reverse mortgage lender originated ten HECM loans in Massachusetts before receiving the necessary license and approval to originate HECM loans in that state and failed to notify HUD that Massachusetts had issued a Cease and Desist order prohibiting it from the unlicensed origination of loans in that jurisdiction. "

Seems to me they KNOWINGLY originated 10 loans in a State where they were not licensed and where they KNOWLINLY had a Cease and Desist order.

Mr. Green,

One must be careful. There is a clear distinction between the maverick actions of other employees and the executed decisions of executive management. Neither can be tolerated; however, as to the severity of penalties, executive management decisions should be hammered. In neither case should Sun West be enriched by its actions.

The HUD penalties might look far more reasonable if we knew what the state is imposing on Sun West, if anything.

Mr. Nelson,

I'm still struggling with your idea that Sun West did something for these borrowers. Based on what I've read, it sounds like you, and many borrowers, have benefited from the HECM program, and Sun West has benefited by offering premiums to brokers that sent them senior citizen's collateral, only to re-capture those premiums and further profit absorbinant amounts of money by selling that collateral on the secondary market. There is no customer experience between the borrower and Sun West. They're in business to make a profit. The fact of the matter is that this industry does not have room for the irresponsible lending practices referenced in the above article.

- Reversinator

rules is rules and I have to live by them or I'm looking for new employment in another industry, its that simple

This story is the very reason lenders have legal departments....to comply with various state regulations. That being said, it is quite possible for a lender to misinterpret a state regulation.

Keep in mind there are states that have additional licensing requirements that are product specific. And if memory serves me correctly, MASS is one of them for reverse mortgages.

Large companies also have specific compliance personnel for HUD regulations. If the attorney handling the cease and desist did not forward to the internal HUD compliance officer in a timely manner, this could very well happen.

The size of the fine could be relevant to information to which we are not privvy.