Great Oak Lending Partners has merged with 1st Maryland Mortgage Corp. of Damascus, MD, providing it the ability to operate as a direct lender and fund up to $25 million a month in loans said the company. The merger combines 1st Maryland’s employees with Great Oak’s fifty eight full time employees and plans to hire [...]

The Department of Housing and Urban Development made two big announcements this week that could change the industry. To help reverse mortgage loan originators understand the principal limit changes and the new HECM Saver, Reverse Fortunes assembled a group of experts to explain how it will impact the industry.  The speakers include: Dan Mooney Senior Underwriter at HUD’s [...]

The Department of Housing and Urban Development is providing a webinar to discuss the new Home Equity Conversion Mortgage (HECM) Saver program on September 28, 20110. Developed as a second reverse mortgage option, the purpose of Saver is to lower the upfront cost of reverse mortgages for homeowners who want to borrow a smaller amount [...]

New reverse mortgage lenders are looking to expand their wholesale business and retail presence. Do you have reverse mortgage experience? If so, check out the latest job openings from Reverse Mortgage Jobs Online: Reverse Mortgage Sales (Philadelphia) Guardian First Funding Group LLC Reverse Mortgage Sales (Long Island) Guardian First Funding Group LLC Loan Officer (Nationwide) 1st AA reverse [...]

Data from the Census Bureau shows that senior citizens saw some of the biggest income gains in decades at a time when every other age group is losing ground in the recession. According to the data, the 31 million households headed by people 65 and older saw their median income rise by a healthy 5.8% in [...]

Finding anyone using a computer system developed over 20 years ago is no easy task, unless you take a look at the technology powering the the Department of Housing and Urban Development’s reverse mortgage program. Created in 1989, the Insurance Accounting Collection Systems (IACS) was developed as a prototype for the Home Equity Conversion Mortgage (HECM) pilot [...]