Reverse mortgage originators are complaining that the federal government is refusing to accept a valid Power of Attorney as sufficient evidence of legal authority to conduct the loan transaction. “Once a POA is properly executed it is recognized in every arena but reverse mortgages,” says a miffed Dennis Haber, executive vice-president, Agency For Consumer Equity. [...]

Some recent comments in Reverse Mortgage Daily caused me to take another look at the HECM-to-HECM refinance issue. While hardly determinative, a simple example has caused me to call for a new disclosure form specifically designed for HECM-to-HECM refinancing transactions. We cannot ignore the potential abuse and so called headline risk which could result from [...]

The House of Representatives passed a bill early Thursday morning to avoid a government shutdown before the new fiscal year begins Oct. 1st. The Continuing Resolution, plans to extend higher loan limits for mortgages backed by Fannie Mae and Freddie Mac through Sept. 30, 2011.  In addition, the measure extends the $625,5000 loan limit for [...]

As the National Reverse Mortgage Lenders Association’s Annual Show in New Olreans approaches, we wanted to remind everyone about the industry wide community service project in New Orleans. CommunityONE, the public service Division of Security One Lending (S1L), and us here at RMD are teaming up to promote, organize, and mobilize a community service project that will provide [...]

A two day hearing with Department of Labor and Treasury officials discussing lifetime income options for retirement plans drew almost 800 letters, highlighting how important the issue is for a secure retirement. Regulators and legislators are looking at Americans’ retirement security because life expectancies are increasing and savings have shifted from traditional pension plans — [...]

As the release date for the new HECM Saver program approaches, investors are flying blind in figuring out how to value the new product before it’s released. “The dealers are trying to get an idea about how it should be valued,” said Jeff Traister, head HMBS trader at Cantor Fitzgerald during a call with Reverse [...]