Ginnie Mae Releases HECM Mortgage Backed Security Program

On September 1st, Ginnie Mae officially released their HECM Mortgage Backed Security (HMBS) program.  Ginnie Mae’s HMBS are standardized mortgage-backed securities (MBS), which are collateralized by FHA insured HECM loans.  The HMBS is a new class of Ginnie Mae security backed by HECM loan participation’s under the umbrella of the Ginnie Mae II Custom Program. […]

Financial Freedom Begins To Phase Out HECM 100

Financial Freedom is officially starting to phase-out the HECM 100 and HECM Advantage products.  They recently sent out information to its correspondents that set out the timetable under which that suspension will be phased in..  They did note, that at any point, market conditions improve to the point that we judge the 100 and Advantage […]

Lender Lead Solutions Expands Reverse Mortgage Advertising Campaign

For all you Robert Wagner fans, make sure you check out the new video from Lender Lead Solutions that features the man himself standing next to a classic car and sporting a new hair color.  The new video kicks off the first phase of LLS new national television advertising campaign, “Better Over Time”.  The Senior […]

Wells Fargo Gets Into The Reverse Mortgage Wholesale Business

It’s official… the largest HECM originator in the country has entered the reverse mortgage wholesale business.  I’m surprised it took Wells Fargo this long to get into the business but I’m sure they’re looking for production after they recently decided to close down their subprime wholesale division. Wells is offering two different avenues to their brokers […]

New Jumbo Reverse Mortgage Products From 1st Reverse

While there has been talk of lenders no longer offering the HECM 100, 1st Reverse Financial continues to release new products to their brokers.  A few weeks ago, 1st Reverse released their new HECM Pathway which is an FHA insured loan created to serve those needing more funding assistance than is provided by any other […]

Have We Seen The Last of The HECM 100?

The past week or so has been an interesting time in the reverse mortgage world.  Early last week, out of nowhere I received an email from Sun West that said they would no longer accept any HECM 100 submissions unless it was already in the current pipeline.  Surprised?… Yes. Shocked… no.  With the liquidity crunch […]

Reverse Mortgage Securities Continue to Grow Internationally

Looking to capitalize on the booming reverse mortgage market in Australia, Commonwealth Bank of Australia was hired by a non-bank to manage the sale of bonds backed by reverse mortgages.  According to the Bloomberg article, the bonds will be sold in Australian and New Zealand dollars within six months, said Matthew Lever, senior manager of securitization […]

1st Reverse Releases New HECM Product

1st Reverse Financial Services, LLC, a subsidiary of Family Federal Savings of Illinois, has released a new FHA-insured HECM program called the HECM Pathway. The HECM Pathway™ is designed to assist borrowers who need to bring funds to closing or those receiving less than $5,000.00 in proceeds from settlement. “In today’s marketplace there appears to be […]

KBC Acquires Lender Lead Solutions Parent Company

Melville-based Vertical Lend, doing business as Mortgage Warehouse on Long Island, announced Monday that it has been bought by Belgian bank KBC.  Vertical Lend also owns Lender Lead Solutions, which offers reverse mortgage leads through its Senior Lending Network.  Along with offering leads, LLS opened up a reverse mortgage wholesale operation in February of this […]

Top HECM Lenders in 2007 Update

Below are the top HECM lenders through June of 2007.  Remember this list doesn’t include any proprietary products. Rank Company HECM Units All of this information is gathered from the Reverse Mortgage Information website.  Also, be sure to check out his post on how July was the second best month for HECM endorsements. July saw […]