January 26th, 2010 |
by John |
published in
FHA, Marketing, News, Reverse Mortgage
The Federal Housing Administration’s Mortgagee Review Board (MRB) announced yesterday that it was taking action against Cooper and Shein, LLC (dba Great Oak Lending Partners) for misleading advertising practices. The Timonium, MD based lender was placed on probation for a period of six months and the MRB imposed a monetary penalty in the amount of [...]
January 26th, 2010 |
by John |
published in
News, Reverse Mortgage
The Federal Housing Administration’s Mortgagee Review Board (MRB) announced it’s permanently withdrawing the FHA approval of three mortgage lenders and is suspending a fourth. The MRB withdrew the FHA approval of Strategic Mortgage Corporation (Strategic), ProMortgage Inc., and Americare Investment Group Inc. (doing business as Premier Capital Lending. Additionally, the MRB has suspended the FHA [...]
January 26th, 2010 |
by John |
published in
FHA, GNMA, News, Reverse Mortgage
The Federal Housing Administration’s Mortgagee Review Board (MRB) permanently withdrew the FHA approval of Premium Capital Funding, LLC, a Jericho, New York based lender doing business as TopDot Mortgage. The action prevents TopDot from participating in FHA programs and seeks a monetary penalty of $674,000. In addition, the Gonvernment National Mortgage Association (Ginnie Mae) is [...]
January 26th, 2010 |
by John |
published in
News, Reverse Mortgage
Last chance to take part in the first State of the Reverse Mortgage Originator Survey. We’ve teamed up with RM Insight to develop and establish a loan officer performance and sentiment benchmark. Already over 400 originators have participated and here are a couple things we’ve found out. 42% of our respondents are still working for [...]
January 26th, 2010 |
by John |
published in
News, Rates, Reverse Mortgage
The average reverse mortgage borrower will see their Initial Benefits increase of $2,750 compared to last week. Ibis considers an average borrower to be a 73-year old in a $250,000 home that chooses a LIBOR+250 HECM. The rates as of 1/26/10 are:
January 25th, 2010 |
by John |
published in
FHA, GNMA, News, Reverse Mortgage
Housing Financial Services Committee Chairman Barney Frank said that the committee will examine ways to replace the two housing government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac "The remedy here is…as I believe this committee will be recommending, abolishing Fannie Mae and Freddie Mac in their current form and coming up with a whole new [...]
