Holiday Round-Up: LO Sentenced in Reverse Mortgage Scheme, EquiPoint Getting Out?

NewImageIn case you missed it… here’s what happened in reverse mortgage news this week.

A former loan officer got 41 months and $1.9 million in restitution in a Florida reverse mortgage scheme. The loan officer, who was found guilty in a $2.5 million reverse mortgage scheme that defrauded senior homeowners, Genworth Financial Home Equity Access and the Federal Housing Administration received his sentencing in court this week.

EquiPoint is winding down its reverse mortgage business. The company’s loan officers are seeking new opportunities, sources close to the company have told RMD. The San Diego-based company was acquired in October 2010 by insurance provider LTC Global, and has since operated a team of loan officers under the leadership of its parent company.

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We reported on appraiser licensing changes, and a slow lender reaction to them. Many states now require that appraisal management companies obtain state licensing. As the changes are starting to go into effect, lenders have been slow to catch on, AMCs report.

A reverse mortgage leads provider sought opportunity in the underwriting of one lender. The leads provider is seeking borrowers by explaining there are still lenders left that do not require credit and income qualifications, taking advantage of MetLife’s new underwriting for reverse borrowers.

RMD is wishing our readers a very happy holiday weekend! We’ll be bringing the news back to you on Tuesday, December 27! Stay tuned.

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