Even though we are still selling product to Fannie Mae, with assignments the portfolio of HECMs should plateau and start shrinking over the next few years. Hopefully, Fannie Mae will still be buying adjustable rate HECMs until this source can be replaced.

WARNING to RMD readers from The_Critic: rnrnUnless you wish to waste your time, please do not read further. This response is to someone who uses the pseudonym michaelpinter, chooses to probe, and waste all of our time by trying to gain personal information about me.rnrnrnMichael,rnrnI am NOT a Realtor although I was one decades ago when as a licensed real estate salesperson (not a broker) I was involved in the transfer of title in real estate. As a loan originator why would I be a Realtor? Realtor is a trademark of NAR (National Association of Realtors) and is to only be used by qualified members of that trade association. NAR is a great organization with its own dues structure, its own Code of Ethics, and a trademark on the name, u201cRealtor.u201d NAR has done a great job of making the designation u201cRealtoru201d stand out. However, its principal membership is derived from real estate licensees who act as agents for hire in the transfer of title in real estate. rnrnAs a licensed real estate broker, I work for a licensed real estate company which does not participate as an agent for hire in any real estate transfers but does provide mortgages to the general public, emphasizing reverse mortgages. In our state we also have mortgage companies but until the SAFE Act, none of their originators had to be licensed and none had to have any background checks unless their employer required it. Until August 1, 2010, working for a California mortgage company means one could come with any background including a financial senior abuse felony on oneu2019s record and if that person found the right employer, that person could be hired to originate mortgages, even reverse mortgages. rnrnAs a real estate broker for almost two decades, I have 1) passed 8 required college level courses in real estate to qualify for licensing examination, 2) passed a licensing exam, 3) been fingerprinted, 4) had a criminal background check, and 5) taken over 200 hundred hours of continuing education beyond pre-licensing education, including a 33 hour course on mortgage brokering in California. rnrnAs Wells Fargo and B of A are not mortgage companies but banks which happen to provide mortgages, I happen to work for a licensed real estate company whose only products and services center around providing mortgages. In California, real estate licensees have until December to get their NMLS license while those who work for mortgage companies must have acquired it by August 1. California is far less worried about real estate licensees who originate mortgages than originators who work for mortgage companies. In fact, real estate licensees can defer taking the initial required NMLS education until license renewal.rnrnSo in summary, I am a California real estate broker who works for a California real estate licensed company, providing reverse mortgages. Does that settle the issue?rnrnSo in 2005 (before the SAFE Act was being formulated) did New York state licensed mortgage company employees who originate mortgages have to be licensed or have any background checks other than those which might be required by their employer? If so, what were those requirements? Please do not provide owner requirements.rn