NY Times: The Fonz and Robert Wagner rep reverse mortgages, and here’s why. A Wednesday article in the Times explored the world of reverse mortgage spokesmen, telling all on why yesterday’s stars hit the spot for today’s borrower demographic. Read more.
Congratulations are in order at Security One… Rhiannon Behnke was promoted to Senior Vice President, New Business Development and Executive Director of Community One, S1L’s charitable community service arm. Security One also announced the hire of former MetLife exec Peter Sciandra as Senior Vice President, Wholesale and Correspondent Lending. Congrats to both!
Moody’s further downgraded $5 in reverse mortgage bonds. The private label HECM bond ratings should have no bearing on the investor market for reverse mortgage securities, but Moody’s pointed to sustained struggling home prices and longer-than-anticipated REO times as creating more risk for the bonds.
AARP talked about the changing reverse mortgage demographic… In an article in its bulletin, AARP detailed the younger borrower of today and risks of a reverse mortgage taken too soon. “One reason for the change might be the TV-ad blandishments of celebrities such as Fred Thompson and Robert Wagner….” AARP writes. Read more.
FHA announced lower premiums coming in June—but not for reverse mortgages. Starting on June 11, 2012, FHA will lower its upfront Mortgage Insurance Premium (MIP) to 0.01% and reduce its annual premium to 0.55% for certain FHA borrowers, allowing current borrowers to save up to an estimated $250 per month.
HUD warned counseling agencies of marketing violations. In an email to reverse mortgage counseling agencies, HUD reiterated that agencies are prohibited from marketing services directly to lenders. HUD said some agencies have been marketing in this way, and many are not providing adequate counseling.
Written by Elizabeth Ecker