The parent company of reverse mortgage lender Financial Freedom (OneWest Bank) purchased La Jolla Bank from the Federal Deposit Insurance Corporation (FDIC) last week. La Jolla Bank, FSB had approximately $3.6 billion in total assets and $2.8 billion in total deposits as of December 31, 2009 said the FDIC.   

The average reverse mortgage borrower will see their Initial Benefits decrease $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 2/23/10 are:

A prospective, large-scale public relations campaign promoting reverse mortgages and promulgated by an industry trade association would be funded through a $15 per-loan assessment by wholesalers on reverse mortgage originators (i.e. broker, correspondent) whom they fund. According to several people familiar with the proposal, it will be formally considered at a board meeting of the [...]

After spending six month analyzing Reverse Fortunes, Security one Lending has entered into a strategic technology relationship with the Redding, CA based customer relationship manager (CRM) provider. “The ability to offer this technology to our Loan Officers in order to enhance their ability to effectively improve marketing responses, manage their client database, and measure their [...]

Money Rates contributor Andrew Freiburghouse poses a good question to readers, Are HECM Reverse Mortgages Too Cheap? Pointing to Jack Guttentag’s More Bogus Arguments Against the Reverse Mortgage:

The Financial Crimes Enforcement Network (FinCEN), Secret Service, and HUD-OIG formed a partnership in December to help Florida law enforcement proactively identify and combat newly emerging fraud involving reverse mortgages said James H. Fries JR, Director of the FinCEN during a speech at the Florida International Bankers Association earlier this week. “As many of you [...]