As new mortgage-related regulations fly fast and furious across the landscape, originators on both sides of the forward/reverse aisle are scratching their collective heads trying to determine what they can and can’t do, particularly when it comes to compensation.

For example, the new Federal Reserve Board restrictions on loan officer and mortgage broker compensation that take effect April 1st, said to be very similar to language in the new Dodd-Frank Wall Street Reform and Consumer Protection Act, prohibits payments to a mortgage originator that vary with terms of the loan.

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With the new HECM Counseling protocols only days away, the Department of Housing and Urban Development released the Reverse Mortgage Toolkit to help counselors with the transition.

Developed by the National Council on Aging, the toolkit is a series of online tools that include the Financial Interview Tool, Benefits Check Up, and other resources.  The tools were designed not just to look at the risk a client may have, but also play a larger role in the development of the HECM program. Continue reading →

What are lenders looking for in new hires?  Reverse mortgage experience.  If you have it, check out the latest job openings from Reverse Mortgage Jobs Online:

• Reverse Mortgage Loan Officer (Nationwide) American Advisors Group
• Loan Officer (Nationwide) 1st AA reverse mortgage
• Reverse Originator (Owings Mills) Southern Trust Mortgage
• Reverse Mortgage Loan Officer (Levittown) Senior Security Home Advantage
• Reverse Mortgage Originator (Massachusetts) Reverse Mortgage of New England
• Reverse Loan Officer & Processor (AL, FL, GA, TN) Retire Secure LLC
• Reverse Mortgage Consultant (Loan Officer) (Atlanta) Generation Mortgage
• Reverse Mortgage Professional (Loan Officer) Maryland (Nationwide) Generation Mortgage
• Reverse Mortgage Loan Officer (St. Louis) Bank of America

See our website for other opportunities.

The best and the brightest in the industry read RMD, want them to join your team? Post your jobs to Reverse Mortgage Jobs Online today!

During NBC Today’s Money 911 segment on Wednesday, reverse mortgages were one of the topics discussed.

A reader asks:

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U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank, announced it has arranged and will manage an $86 million Low-Income Housing Tax Credit (LIHTC) fund for Google, the popular search engine firm.

The fund will provide a major source of funding for the construction and operation of 480 affordable rental housing units for low income families and senior citizens in seven communities throughout the West and Midwest.

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The Department of Housing and Urban Development announced new changes to the mortgage insurance premiums for the Federal Housing Administration’s reverse mortgage program on Wednesday.

For all Home Equity Conversion Mortgages (HECM) with a case number assigned on or after October 4th, 2010, FHA will raise the annual mortgage insurance premium (MIP) charged to borrowers from 0.5% to 1.25%.

The changes are necessary to ensure that ”FHA is in a better position to address the increased demands of the marketplace and return the Mutual Mortgage Insurance (MMI) fund to congressionally mandated levels without disruption to the housing market,” said David H. Stevens Assistant Secretary for HUD.

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Only days after the Federal Reserve issued a proposed rule to reign in deceptive reverse mortgage advertising, Oregon Live is reporting that San Diego, CA, based EquiPoint Financial Network is mailing out fake checks to seniors that read “U.S. Economic Stimulus Package Approves New Payouts for Seniors”.

The marketing materials published on the website fail to list the name of the company or any other details about who is providing the information.  The only unique identifier is the EquiPoint’s Oregon mortgage license number.

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