As the credit crunch spreads into the proprietary reverse mortgage business, it is beginning to cause issues for both originators and borrowers with dwindling options for these products. Welcome to the land of the Double Application. Many loan originators have begun having to originate two reverse mortgages at the time of application never knowing if [...]

Countrywide has had to make a lot of changes to their wholesale operations in the last six months and it looks like the heat from the subprime mess has affected their reverse mortgage operations as well.  Late on Thursday Countrywide announced that they would be modifying the way in which business partners obtain reverse mortgages.  [...]

Countrywide recently updated their Simple Equity product to give borrowers two margin options for their jumbo reverse mortgage.  Back in April I posted on the details of the Simple Equity program which then only featured a margin of 3.50%.  Now, the program also gives the borrowers the choice of the same product but with a margin of 2.10%.  So [...]

“Countrywide aims to dominate the reverse mortgage industry.”Steve Boland Countrywide Managing Director for Reverse Mortgages It’s official, Countrywide has  released their reverse mortgage program nationwide.  While they have been offering reverse mortgages to their approved brokers since early April, this is the first press release that officially announces the arrival.  The press release focuses on their [...]

I received some information from Countrywide regarding there reverse mortgage product offering over the weekend.  At the moment they are offering the HECM annual and semi-annual (both based off the HECM 100) as well as their Simple Equity™ program which is their proprietary jumbo product.  Below are more details of the Simple Equity™ program. Eligible Homes [...]