The Wall Street Journal is reporting that a new type of financial fraud is popping up more frequently, seniors taking advantage of other seniors.  Regulators say there has been a significant increase recently in the number of cases in which older investors have been taken advantage of by elderly scam artists. “That’s a definite new [...]

Want to start fresh in 2011?  Check out the latest job opportunities to originate reverse mortgages in the new year. Maybe you’re a DE Underwriter looking for a new job?  Check out this out.  Here are the latest jobs from Reverse Mortgage Jobs Online: Direct Endorsement Underwriter (Atlanta) Generation Mortgage NestWorth Advisor (California) NestWorth Inc. Loan Officer- Leads [...]

The Mortgage Bankers Association is asking the Federal Reserve to provide written guidance on its final rule on loan officer compensation because the association believes it’s vague and confusing, particularly for lenders seeking to comply with its provisions. Without the additional guidance, many lenders may be forced to be very conservative and implement compensation and loan pricing structures that [...]

Mortgage bankers made an average profit of $1,423 per loan originated during the third quarter of 2010, up from $917 per loan in the second quarter of 2010, according to the Mortgage Bankers Association (MBA)’s 3rd Quarter 2010 Performance Report released on Tuesday. The increase was driven by higher secondary marketing gains that increased from $3,455 [...]

The Department of Housing and Urban Development announced it’s extending certain effective dates for rules meant to strengthen lender approval criteria and make Federal Housing Administration approved lenders responsible for the oversight of mortgage brokers on Monday. “After reviewing your comments regarding transitioning to compliance with the new changes, we are extending certain effective dates [...]

An editorial piece from the New York Times takes issue with reverse mortgages and the proposal from the Federal Reserve to enhance consumer protections. The author —who is anonymous but sounds a lot like AARP— writes that the Housing and Economic Recovery Act ”law prohibited “cross selling,” in which lenders required reverse-mortgage borrowers to use some [...]