FHA Waives Small Lender Audit Requirements

In recent email communication to all supervised lenders, the Department of Housing and Urban Development announced it will be waiving for one year the requirement for small lenders that they submit annual audited financial statements to HUD when seeking Federal Housing Administration approval or renewal. Small lenders are defined as those with less than $500 […]

Bank of America Releases Reverse Mortgage Clarity Commitment

Bank of America rolled out its Clarity Commitment in April, but it added its reverse mortgage Clarity Commitment last week for its fixed rate reverse mortgage product. The Clarity Commitment is a one-page loan summary which presents borrowers with their interest rate, terms and other details of the loan in plain language says the company […]

Attorney General’s Bill Vetoed, Says Reverse Mortgage Hype Is Coming

The reverse mortgage industry let out a sigh of relief when Minnesota’s Governor vetoed a bill which would’ve hurt the reverse mortgage industry and seniors living in the state.  The person who spear headed the introduction of SF 489 was Minnesota’s Attorney General Lori Swanson.  Ms. Swanson was not happy that the bill was vetoed […]

False Advertising of Reverse Mortgages Concerns Authorities

False advertising, while not new, is cropping up often enough in direct mail pieces to prospective reverse mortgage customers that public and private authorities are expressing concern. Often appearing as if it is coming from an official (i.e. government) source, the appeals offer to help unsuspecting recipients – usually seniors – take the necessary and […]

Golden Gateway Introduces Prepaid Card For Reverse Mortgage Proceeds

Golden Gateway Financial introduced a new prepaid card program for reverse mortgage proceeds and a service that allows seniors to automatically pay bills from the card.  The Golden Gateway Financial Your Money Prepaid MasterCard®, issued by The Bancorp Bank, allows reverse mortgage borrowers to immediately and securely receive their monthly proceeds on a reloadable prepaid […]

Seniors Reverse Mortgage Adds Nevada Based Branch

Seniors Reverse Mortgage announced last week that it added to its growing branch network with Reno, Nevada based Lake Tahoe Mortgage.  The new branch will operate under the name Seniors Reverse Mortgage and will continue to offer both reverse and conventional mortgages. “We saw an ideal opportunity in Lake Tahoe Mortgage with the addition of […]

Changes At Senior Lending Network, Revamps Wholesale Strategy

Late this week the Senior Lending Network announced it was changing its direction of its wholesale channel to concentrate on a specific market niche and is no longer interested in high volume and low touch business in this economy.  As part of the new direction, the company was forced to lay off some of its […]

Urban Financial Group Emerges As A Top Reverse Mortgage Lender

The Journal Record  published a story last week about Urban Financial Group and how it has grown into one of the top reveres mortgage lenders in the country.  At the height of the mortgage refinancing boom, Bryan Hendershot decided that trend could not sustain itself and took his year-old Tulsa mortgage brokerage into a new […]