Comments on: NRMLA Proposes New FHA Approval for HECM Mortgagees http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/ Reverse Mortgage News and Information Fri, 10 Feb 2012 19:11:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-38121 Anonymous Fri, 08 Jan 2010 14:03:00 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-38121 So just what does "specializing in reverse mortgages" mean......is that the typical broker who hangs up a sign saying "we specialize in reverse mortgages".......Unfortunately the "good" always suffers at the hands of the "bad" in any industry as evident in what has happened over the last year in this industry. I can't help but feel that Peter Bell position has much more to do with his membership dues than anything else. Yes there are very very good small companies that will suffer...but the "good guys" are wanted and needed everywhere and unfortunately the small guys will go the way of the corner drugstore, hardware store, and corner market. rn So just what does “specializing in reverse mortgages” mean……is that the typical broker who hangs up a sign saying “we specialize in reverse mortgages”…….Unfortunately the “good” always suffers at the hands of the “bad” in any industry as evident in what has happened over the last year in this industry. I can’t help but feel that Peter Bell position has much more to do with his membership dues than anything else. Yes there are very very good small companies that will suffer…but the “good guys” are wanted and needed everywhere and unfortunately the small guys will go the way of the corner drugstore, hardware store, and corner market. rn

]]> By: bobgreene http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35519 bobgreene Fri, 08 Jan 2010 12:03:07 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35519 So just what does "specializing in reverse mortgages" mean......is that the typical broker who hangs up a sign saying "we specialize in reverse mortgages".......Unfortunately the "good" always suffers at the hands of the "bad" in any industry as evident in what has happened over the last year in this industry. I can't help but feel that Peter Bell position has much more to do with his membership dues than anything else. Yes there are very very good small companies that will suffer...but the "good guys" are wanted and needed everywhere and unfortunately the small guys will go the way of the corner drugstore, hardware store, and corner market. So just what does “specializing in reverse mortgages” mean……is that the typical broker who hangs up a sign saying “we specialize in reverse mortgages”…….Unfortunately the “good” always suffers at the hands of the “bad” in any industry as evident in what has happened over the last year in this industry. I can't help but feel that Peter Bell position has much more to do with his membership dues than anything else. Yes there are very very good small companies that will suffer…but the “good guys” are wanted and needed everywhere and unfortunately the small guys will go the way of the corner drugstore, hardware store, and corner market.

]]> By: jsmaldone http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35509 jsmaldone Thu, 07 Jan 2010 23:50:00 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35509 Good evening,<br><br>I feel Peter Bell's proposal makes sense. First off, one of Peter's conditions are that the company specialises in Reverse Mortgages. This in itself is a major plus for our senior citizens and the industry. If the firm specializes in Reverse Mortgages, they know what they are doing and most likeley will operate under the proper code of armer.<br><br>Also, the $250,000 net worth requirement has always been the criteria for a "Full Eagle" lender for years. The size of the company does not neccasarily determin how honest they are in thier dealings with seniors. I would rather deal with a company that has a $250,000 net worth that specializes in reverse mortgages than a company with a $3 Million net worth that only does one or two reverses a month.<br><br>I say, good job Peter!<br><br>John Smaldone Good evening,

I feel Peter Bell's proposal makes sense. First off, one of Peter's conditions are that the company specialises in Reverse Mortgages. This in itself is a major plus for our senior citizens and the industry. If the firm specializes in Reverse Mortgages, they know what they are doing and most likeley will operate under the proper code of armer.

Also, the $250,000 net worth requirement has always been the criteria for a “Full Eagle” lender for years. The size of the company does not neccasarily determin how honest they are in thier dealings with seniors. I would rather deal with a company that has a $250,000 net worth that specializes in reverse mortgages than a company with a $3 Million net worth that only does one or two reverses a month.

I say, good job Peter!

John Smaldone

]]> By: Faith Responds http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35508 Faith Responds Thu, 07 Jan 2010 22:25:25 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35508 I have confidence in Peter and appreciate his thoughts. This is a good answer and will be well received. Case dissolved . . . .you watch. I have confidence in Peter and appreciate his thoughts. This is a good answer and will be well received. Case dissolved . . . .you watch.

]]> By: HECM_Dude http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35501 HECM_Dude Thu, 07 Jan 2010 17:12:16 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35501 They're not going to carve out an exception for HECM originators. They're not going to carve out an exception for HECM originators.

]]> By: Reverse Closer http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35500 Reverse Closer Thu, 07 Jan 2010 16:52:28 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35500 I think Peter's Suggestion is right on. It is designed to protect the small originator. Without his suggestion of a separate category the small originator would be out of business. The 250k net worth is standard and why should they expect to be treated any different than everyone else? Sure beats 2.5 million! I think Peter's Suggestion is right on. It is designed to protect the small originator. Without his suggestion of a separate category the small originator would be out of business. The 250k net worth is standard and why should they expect to be treated any different than everyone else? Sure beats 2.5 million!

]]> By: mattneumeyer http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35496 mattneumeyer Thu, 07 Jan 2010 15:48:38 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35496 Doesn't this rule only require lenders to meet this net worth standard? Wouldn't the small reverse mortgage companies be better suited as brokers? Doesn't this rule only require lenders to meet this net worth standard? Wouldn't the small reverse mortgage companies be better suited as brokers?

]]> By: lancejackson http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/comment-page-1/#comment-35494 lancejackson Thu, 07 Jan 2010 14:18:22 +0000 http://reversemortgagedaily.com/2010/01/06/nrmla-proposes-new-fha-approval-for-hecm-mortgagees/#comment-35494 I like this idea. I like this idea.

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