The US Department of Housing and Urban Development announced that the enactment of ML 2009-28, Appraiser Independence will be delayed until February 15, 2010. ML 09-28 was originally planned to become effective January 1, 2010 and prohibits mortgage brokers and commission-based lender staff from the appraisal process.  It also makes lenders responsible for assuring that [...]

During a special workshop on the reverse mortgage landscape in California at the NRMLA annual meeting, it become clear after only a few minutes that there is immense confusion among lenders surrounding AB329, California’s Reverse Mortgage Elder Protection Act. According to AB329, borrowers in California must now receive the Plain Language Important Notice Reverse Mortgage [...]

MetLife Mature Market Institute (MMI) announced the release of The Essentials: Reverse Mortgages to help consumers make informed decisions regarding the use of home equity to help fund one’s retirement. “Reverse mortgages can allow older individuals to receive funds while they continue to live in and own their homes,” said Sandra Timmermann, Ed.D, director of [...]

Reverse Mortgage Daily and Reverse Fortunes are presenting another free training session on January 7, 2010 at 9:00 AM to ensure your company is prepared for the new counseling changes. Reverse Fortunes will cover how HUD counselors are now mandated to go the extra mile in what seems to be an effort to better educate [...]

Generation Mortgage Company announced that they recently became a national Better Business Bureau Accredited Business and earned an A+ Rating from the BBB. "While those of us who work for Generation Mortgage know that we offer top quality service to our business partners and our boomer and senior homeowners nationwide, the rigorous Better Business Bureau [...]

When it comes to lobbying state legislators conjuring new laws to regulate the reverse mortgage product in their individual jurisdictions, industry advocates take differing approaches. These advocates claim some success in shaping both the debate and resulting statutes that affect reverse mortgage lending, already heavily regulated on the federal level. However, there is disagreement around [...]