Reverse Mortgage Lenders Network Releases Prime Advantage to Brokers

Reverse Mortgage Lenders Network has released their jumbo reverse mortgage product to their wholesale brokers. Back in May BNY Mortgage released the first fixed rate jumbo reverse mortgage product but mortgage brokers haven’t had access to it until now. The product gives seniors the option of a fixed or adjustable rate reverse mortgage. The adjustable […]

Generation Mortgage Acquires Amston Mortgage Company

Generation Mortgage Company announced that they have acquired Amston Mortgage Company. AMC is headquartered in Moodus, CT and is the 14th largest reverse mortgage provider in the US. “Amston’s customer service-oriented culture fits perfectly with that of Generation,” said Joe Morris, President of Generation Mortgage Company. “Our shared commitment to our customers combined with the […]

Reverse Mortgage Article in Mortgage Banking Magazine

Mortgage Banking Magazine recently featured an article on reverse mortgages that highlights the different strategies of Financial Freedom, Sun West, Lender Lead Solutions, Wells Fargo, and Reverse Mortgage Lenders Network.  The article discusses each companies marketing focus and lead generation sources.  To read a copy of the article click the link below. Moving Forward in Reverse (Mortgage Banking Magazine) Technorati tags: […]

Financial Freedom Updates Cash Account Program

Financial Freedom recently made some changes to their popular Cash Account program.  Unlike before they will no longer offer the three sub products of the Cash Account (Credit Line Option, Combo Option and Cash Out Option).  Instead they released the Cash Account Advantage® which gives correspondents and borrowers the ability to negotiate fees by having the […]

Ginnie Mae Releases HECM MBS Guide

A few days ago NRMLA posted a copy of the HECM MBS reference guide from Ginnie Mae. The HMBS reference guide is intended to inform interested parties about Ginnie Mae’s HMBS program requirements, HMBS pool origination, ongoing HMBS administration and accounting, security reporting, and monthly reporting requirements. I haven’t had a chance to go through […]

Virtual Bank’s Prime LIFE Reverse Mortgage

Yesterday,  I posted about Virtual Bank’s LIFE Plan product which is the first proprietary product developed to compete directly with the HECM product.  Virtual Bank has another product that aims at the HECM market called Prime LIFE.  The Prime LIFE product is the first reverse mortgage based off prime and has lower fees when compared to the LIFE Plan and […]

Virtual Bank’s LIFE Plan Reverse Mortgage

Virtual Bank is taking a different approach to reverse mortgages than most other lenders by moving away from the FHA standards we are all used to.  Instead of offering the HECM product they decided to offer a proprietary product that has a lending limit of $417,000.  They are hoping to capitalize on the market in […]

Reverse Mortgage Trends Podcast

Banknet 360 has a podcast that is available for download which features Ken Austin, president of reverse mortgage technology provider Reverse Mortgage Solutions.  To download a copy of the podcast click the link below. BANKNET360 RADIO: On Banking Presents Reverse Mortgage Trends Technorati tags: Reverse Mortgage, Reverse Mortgage News, HECM, FHA, Senior Finance, Reverse Mortgage […]

More Lenders to Allow Reverse Mortgages on Second Homes

According to an article from HeraldNet we will start to see more lenders allowing borrowers to get a reverse mortgage on their second homes.  Bank of America who recently purchased the reverse mortgage business of Seattle Mortgage is expected to allow reverse mortgages for second homes once the purchase is complete next month.  “The demographics […]

Reverse Mortgage News Headlines

A few headlines for everyone before the weekend: Fitch Rates $537MM RiverView HECM Trust 2007-1 (Business Wire) BNY Mortgage and Everbank Gather Industry Leaders to Build Reverse Mortgage Business (Yahoo Finance) Subprime Fiasco Exposes Manipulation by Mortgage Brokerages (Bloomberg) The Urge to Splurge (WSJ) CircleLending Launches Innovative Reverse Mortgage Calculator (Broker Universe)  Cheers! Technorati tags: […]