September 27th, 2011 | by Alyssa | published in HECM, Legislation, News, Reverse Mortgage
Even though Texas’ Homestead law will continue to prevent the state from offering the HECM for Purchase program until at least 2013, some lenders are preparing to enter the market they believe will open up if the constitution is amended to allow the product. The state’s warm climate, low cost of living, and lack of income [...]
September 27th, 2011 | by Alyssa | published in News, NRMLA, Reverse Mortgage
The National Reverse Mortgage Lenders Association (NRMLA) 2011 Annual Meeting & Expo in Boston is coming up next month, promising to offer a thorough look into what’s new in the reverse mortgage world, as well as some surprises. In addition to presentations from Department of Housing and Urban Development leadership and representatives from the financial [...]
September 27th, 2011 | by Alyssa | published in Data, News, Reverse Mortgage
Home prices are posting a slight improvement for the fourth month in a row, as both the 10- and 20-City Composites and the majority of metropolitan statistical areas (MSAs) posted positive monthly increases, thanks to stronger seasonal demand, shows the July 2011 S&P/Case Shiller Home Prices Indices. Year-over-year, however, home prices are down more than 4%. [...]
September 26th, 2011 | by Elizabeth | published in Reverse Mortgage
Two of the biggest shocks to the reverse mortgage industry this year came in the form of major lender exits from the business. But the aftermath from those exits is proving to look quite different, with one appearing to have more potential to drag down volume than the other. Wells Fargo and Bank of America [...]
September 26th, 2011 | by Elizabeth | published in FHA, Lenders, News, Reverse Mortgage
Several changes to the Department of Housing and Urban Development’s Federal Housing Administration approved lender requirements, as posted in Mortgagee Letter 2011-34, were released Friday. Mainly a reiteration of past policies with a few small changes, the mortgagee letter does have the potential to level the playing field for lenders in one particular way. Previously, [...]
September 26th, 2011 | by Elizabeth | published in News, Reverse Mortgage
A Texas woman accused of reverse mortgage fraud could face up to 30 years in prison, a $1 million fine, or both, a U.S. Attorney in Rochester, N.Y. announced last week. Mary Ann Fulbright, of Dallas, is pleading guilty to bank fraud for an alleged reverse mortgage scheme she conducted through the use of her [...]
