Knight: Reverse Mortgage Acquisition Provides Attractive Growth Opportunity

A couple weeks after announcing the acquisition of Urban Financial Group, Tom Joyce, CEO and Chairman of Knight Capital Group, Inc. (NASDAQ:NITE) said the purchase provides Knight an attractive growth opportunity during a conference call with analysts after the company’s first-quarter net profit jumped to $27.8 million from $9.4 million, a year earlier. Expected to […]

Reverse Mortgage Applications Increase for Second Straight Month

Reverse mortgage applications came in at 7,398 units for March, up 11.4% from February according to the latest Federal Housing Administration Outlook Report. Despite HECM applications being down 54.1% during FY 2010, March is the second straight month over month increase in applications and is encouraging considering volume has been trending lower all year. During […]

Reverse Mortgage Helps Town Recover Stolen Funds

The Post Tribune reported that two thirds of the $300,000 stolen from the town of Merrillville by former bookkeeper Rosemary Barath has been recovered, thanks in part to a court order requiring her to obtain a reverse mortgage on her house said Councilman Joseph Shudick, D-5th. “Approximately $200,000 of the $300,000 lost as a result […]

New Jobs From Stay in Home, M&T, Genworth and More

Here are the latest jobs from Reverse Mortgage Jobs Online: Reverse Mortgage Loan Originator (Kirkland) Stay in Home Mortgage Reverse Mortgage Originator (Plainville) Reverse Mortgage of New England Reverse Mortgage Specialist (Philadelphia) M&T Bank Reverse Mortgage Specialist (Melville) M&T Bank Reverse Mortgage Specialist (Frederick) M&T Bank Reverse Mortgage Loan Officers (Rancho Cordova) Genworth Financial Reverse […]

Principal Limit Reductions Force Reverse Mortgage Lenders to Innovate

As reverse mortgage volume continues to slide and the possibility of another principal limit reduction in October, reverse mortgage lenders have been forced to innovate and bring down costs to ensure seniors have access to the HECM program. The drop in home values across the country has played a big role in the decline in […]

Ginnie Mae HMBS Issuance Drops 48% in March

Ginnie Mae announced that it guaranteed $22.7 billion in mortgage backed securities (MBS) during March. “The robust performance of the Ginnie Mae MBS continues to provide strong support for a still struggling economy,” said Theodore Tozer, Ginnie Mae president. “The dependable execution of the Ginnie Mae MBS in the secondary market is vital as our […]

Reverse Mortgage Industry Putting Out Legislation Fires says Lewis

With more state reverse mortgage legislation being proposed, Jeff Lewis, Chairman of Generation Mortgage told Broker Universe that there is a high level of concern about these bills and how the industry is going around state to state “putting out fires,” as these bills legislate “to the lowest common denominator”. He adds, “Something happens one […]

Sun West Expands to East Coast

Sun West Mortgage Company is expanding to the Eastern part of the United States by opening a new office in Lake Mary, Florida. The new office will focus on wholesale production for both the forward and reverse mortgage business said the company. The location will be staffed by Dennis Loxton and Dylan Rodriguez with plans […]

New Weekly Reverse Mortgage Radio Show Launched

Reverse123 President Thomas M. Simpson announced he will be hosting a one hour weekly radio program called “The Reverse Report” on WSBR Radio in Boca Raton, Florida. The program will focus on the latest developments in the area of reverse mortgages and will serve as a platform to educate consumers about the loans said the […]

WSJ: Reverse Mortgage Lenders Cut Fees to Drum Up Business

Over the weekend both the New York Time and Wall Street Journal covered how reverse mortgage lenders are lowering costs for consumers. WSJ writer Kelly Green reports that: Reverse mortgages have long been considered one of the most expensive ways to extract cash from your house. But that is changing as some of the country’s […]