November 30th, 2010 |
by John |
published in
Legislation, News, Reverse Mortgage
AARP is requesting the Federal Reserve withdraw a proposal and defer changes to the Truth In Lending Act (TILA) until next year due to revisions relating to reverse mortgages and the right of rescission. “Not only would those two provisions greatly undermine existing consumer protections, they break with Congressional intent and exceed the authority given [...]
November 30th, 2010 |
by John |
published in
Counseling, News, Reverse Mortgage
Over at National Mortgage Professional, Atare E. Agbamu, writes about all the “fuss” over the Financial Interview Tool. As part of the new HECM Counseling Protocols released by the Department of Housing and Urban Development, counselors are required to use the National Council of Aging’s web based Financial Interview Tool (FIT) to create a budget for [...]
November 30th, 2010 |
by John |
published in
News, Reverse Mortgage
Older Americans are finding their retirement savings threatened by various economic forces, but according to a new study, they may be surprised to find one of the biggest threats to their retirement accounts is their own spending behavior, specifically after their adult children leave home. A brief published last week by researchers at the Center [...]
November 30th, 2010 |
by John |
published in
Counseling, FHA, News, Reverse Mortgage
Legacy Reverse Mortgage has developed a way to improve communication and the speed of delivery between a reverse mortgage borrower and HECM counselor through its company website. With the help of Reverse Vision, Legacy offers a shared and secured portal for borrowers to retrieve documents for their loan. “At Legacy Reverse Mortgage, we want to [...]
November 30th, 2010 |
by John |
published in
Data, News, Reverse Mortgage
After rising 4.7 percent in the second quarter, home prices in the US fell 2 percent in the third quarter of 2010 according to S&P/Case-Shiller data. Prices have moved up 0.6 percent in the past year, down from 1.7 percent in August, making it the fourth consecutive month where annual growth rates moderated from the [...]
November 29th, 2010 |
by John |
published in
Data, News, Reverse Mortgage, Top HECM Lenders
Reverse mortgage volume fell 10.4% during September, but brokers saw production fall less than direct lenders according to data from Reverse Market Insight. Overall volume for retail/direct lenders fell 14.2% while broker endorsements were down only 4.3%. “One month isn’t going to change the tide of regulation and resulting transformation of some brokers consolidating into direct [...]
