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 […]

Reverse Mortgage FHA Modernization Update

Last week NRMLA announced that the Financial Services Committee Chairman Barney Frank (D-MA) planed to bring “The American Housing Rescue and Foreclosure Act” to the House floor for a vote. NRMLA said the plan was a “rollup” piece of legislation that includes a number of housing related matters, including FHA Modernization. The legislation includes the […]

FHA Modernization Bill & Reverse Mortgage Update

The major news that came out of the NRMLA event in Philadelphia was regarding the FHA Modernization bill and how it would apply to reverse mortgages.  Below is an overview of what Peter Bell told us:  Agreed on a compromise that would replace the 1.5% fee cap in the pending bills with an alternative position.  […]

Venture Capital Firm Sees Reverse Mortgages As A Guaranteed Growth Industry

On the industry panel “Where Is the Capital Coming From?” at the recent NRMLA event, one venture capitalist said he was willing to invest in practically any aspect of the reverse mortgage business.  In the article Reverse Mortgages Called a Sure Thing (Subscription Required) from the National Mortgage News Diogo Teixeira of the Revmore Investment […]

Reverse Mortgage News Headlines

Just a few reverse mortgage headlines from the week.  See you on Monday in Philadelphia! Survey Finds Homeowners Need Reverse Mortgage Loans to Pay For Everyday Expenses (FoxBusiness) Tips on Finding The Best Reerse Mortgage Loan (LAChronicle) Have a great weekend! Technorati tags: Reverse Mortgage, Reverse Mortgage News, HECM, FHA, HUD, Mortgage

NRMLA and The Mortgage Bankers Association: Who do you love?

Have you ever been invited to two weddings on the same weekend? How do you pick? Who serves the better food? The better booze? Who do you love more, baby? The 2008 conference schedules are out and NRMLA’s Spring Conference (east) and the MBA’s Reverse Mortgage Conference are during the same week.  Better get ready […]

Reverse Mortgage Counseling Problems

It’s no secret that government funding for reverse mortgage counseling is a real issue impacting our industry.  HUD has set aside $3 million specifically for HECM counseling which goes to support the national intermediaries such as NFCC, MMI and AARP that support HECM counseling and counselor training.  The lack of adequate funding to meet the […]

Economic Stimulus Bill & Reverse Mortgages

Earlier this week President Bush signed into law H.R. 5140, the Economic Stimulus Act of 2008. A handful of Reverse Mortgage Daily readers contacted me about the bill and asked if the increase in loan limits would apply to reverse mortgages? Unfortunately not. There are a few members of the Senate who have been against […]