It’s been nearly three years since the Department of Housing and Urban Development introduced Life Expectancy Set-Asides (LESAs), which require borrowers with less-than-stellar credit histories to set aside a portion of their reverse mortgage proceeds to pay taxes and insurance. It took time for underwriters to get a handle on LESA guidelines as they sought […]
Category: United Northern Mortgage Bankers
The reverse mortgage closing is a highly anticipated event both for borrowers and for originators. At this point, after weeks or sometimes months of education and working through the application, the reverse mortgage is finally close to fruition. Yet there can be roadblocks even at this late stage in the process. And with reverse mortgage […]
Industry veteran Elly Johnson has joined United Northern Mortgage Bankers, Ltd., where she will serve in the newly created position of vice president and chief operating officer of reverse lending. Johnson, who has spent more than 35 years in the mortgage industry, joins United Northern after serving as president of AllReverse Pro Consulting and the […]
Reverse mortgage wholesale volume bounced back to end 2015 on a positive note. But although total endorsement counts were less than what some industry leaders expected, 2015 was a big growth year for several reverse mortgage lenders on both the wholesale and retail sides. Overall, Home Equity Conversion Mortgage (HECM) endorsements totaled 56,363 units in […]
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