Cooper and Shein Bounces Back After Fine From FHA for Misleading Advertising

Cooper & Shein, LLC (dba Great Oak Lending Partners) announced it broke into the top 10 reverse mortgage lenders for the first time during February. According to data from the US Department of Housing and Urban Development, the company endorsed 90 units.

“Reverse mortgages reflect a growing market segment and Great Oak Lending is honored to be recognized as a top producer in this market,” said Joshua Shein, partner, Great Oak Lending Partners. “Our production volume is a direct correlation to our experience and expertise in helping the senior market understand this complicated product, demonstrating a confidence among this customer base.”

The Timonium, MD based reverse mortgage lender was fined $10,000 and put on probation by the Federal Housing Administration’s Mortgagee Review Board (MRB) for misleading advertising practices related to its reverse mortgage business at the end of January.

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Cooper and Shein told RMD that the violations stem from a limited distribution (only 100 pieces) mailing that was used solely by one employee acting independently without any knowledge or approval from owners and managers of the company. After learning of the violation, management immediately initiated a proactive approach to stop all current mailings and to ensure it never happens again said Joshua B. Shein, Managing Partner at Cooper and Shein.

To see more data on Cooper and Shein, see the company listing at ReverseBase.

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  • Since companies do not endorse their own HECMs, I wonder if HUD suspended endorsements on this lender until its decision was final. In that case this sudden flood of loans is very explainable.

  • How many loans did the advertising campaign result in? If there were none, perhaps the punishment fits the violation. If there was even one, the punishment seems a little light.

  • Since companies do not endorse their own HECMs, I wonder if HUD suspended endorsements on this lender until its decision was final. In that case this sudden flood of loans is very explainable.

  • How many loans did the advertising campaign result in? If there were none, perhaps the punishment fits the violation. If there was even one, the punishment seems a little light.

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