Reverse Mortgage Originators, Do You Want Higher HECM Loan Limits?

Today NRMLA sent out an urgent notice to all members about a major housing bill that includes important amendments to the HECM program, including establishing a single national loan limit, which is about to be brought to the Senate floor for consideration. It appears that this bill might raise the maximum FHA loan limit to […]

NY Times Tells Us Why You Should Not Expect an Inheritance

Reverse Mortgages gets a nice mention in the NY Times article 8 Reasons You Should Not Expect an Inheritance article published over the weekend.  The article discusses why many children shouldn’t be expecting any sort of inheritance from their parents. Below is a snapshot the reverse mortgage mention: It’s getting easier to drain a home’s […]

Broker Magazine Features Reverse Mortgage Roundtable

Broker Magazine has a feature a roundtable session from the MBA conference in San Diego.  The roundtable featured the following people and companies… ROUNDTABLE PARTICIPANTS: Norm Edwards, Mortgage Bankers Association; Marc Helm, Reverse Mortgage Solutions; Kris Kully, K&L Gates; John Lunde, Reverse Market Insight; Kenneth Peskin, Lender Lead Solutions; Jeffery S. Taylor, Wells Fargo Home […]

Two New Upcoming Reverse Mortgage Conferences

It turns out NRMLA and the Mortgage Bankers Association were listening to us when we asked them not to schedule their conferences the same week on different sides of the country like last time.  Below are the details: MBA’s Reverse Mortgage Lending Fall Conference 2008 Hyatt Regency Miami, October 2-3 Not to many details yet […]

Washington State Bill Could Hurt Reverse Mortgage Lending

Washington state recently passed legislation (SB 6471 ) that may impact non-depository lenders, as well as the correspondents, subsidiaries and affiliates of depository lenders who make reverse mortgage loans in that state. SB 6471 requires that all non-exempt lenders doing business in Washington be licensed by the Department of Financial Institutions under the Consumer Loan […]

FHA Issues Clarification For Reverse Mortgage Advisor Program

On May 16, 2008, the U.S. Department of Housing and Urban Development published Mortgagee Letter 2008-14, which provides guidance on the role of “advisors” in the HECM program.  The only lender I’ve seen make any drastic changes to their advisor programs after ML-14 was released is Countrywide.  As of May 16th, Countrywide Reverse Mortgage Advisor […]

Borrower Paid Counseling Best Practices For Reverse Mortgages

In May HUD approved borrower paid counseling for reverse mortgages as long as the borrowers are not considered hardship cases.  Recently NRMLA issued a “Best Practice” for members to consider adopting as a way to increase uniformity and efficiency in the administration of the borrower paid billing process for the benefit of all industry stakeholders […]

Lender Lead Solutions Adopts NRMLA Code of Ethics

Lender Lead Solutions announced today that it has begun adopting the National Reverse Mortgage Lender Association’s (NRMLA) formal Code of Ethics and Ethics Advisory Opinion 2008-1 and 2008-2 for its members. Together these policies elevate and promote the needs of seniors above all else in discussions about reverse mortgages and clearly define standards for ethical […]

HUD Issues Guidance on HECM Advisor Program

NRMLA recently announced that the U.S. Department of Housing and Urban Development published Mortgagee Letter 2008-14, Home Equity Conversion Mortgage Program – Non FHA Approved Mortgage Brokers, which provides long-awaited guidance on the role of “advisors” in the HECM program. ML 2008-14 clarifies that “advisors” (referred to as non-approved entities or third parties) cannot be […]