Wells Fargo Eliminates Servicing and Origination Fee for Adjustable Rate HECM

As lenders continue to aggressively compete for reverse mortgage business, Wells Fargo quietly started offering an adjustable rate HECM product without an origination and service fee set aside. While there hasn’t been an official announcement, a Wells Fargo spokesperson confirmed with RMD the company recently released the product.

Virtual Bank Leaves Wholesale Again, Will Focus on Retail

Only two months after VirtualBank Seniors Lending Group returned to the reverse mortgage business, it’s closing its wholesale channel and keeping its small retail footprint said management in a conversation with RMD. “Upon the recommendation of the senior management team, VirtualBank Seniors Lending Group has made the strategic decision to shift from a wholesale and […]

Meg Burns Leaving HUD to Join FHFA, Will Be Missed

Margaret Burns, Director of Single Family Program Development will be leaving the US Department of Housing and Urban Development in two weeks to accept a position at the Federal Housing Finance Agency said the National Reverse Mortgage Lenders Association. Over the years, Burns has played an important role in the development of the HECM program […]

With Industry Support, NRMLA Public Affairs Campaign Moves Forward

With well over $100,000 in cash commitments from members, the National Reverse Mortgage Lenders Association tells RMD it’s able to start executing its public affairs campaign. “Our projected collections from just the companies that have already committed will provide us more than enough to proceed,” said Marty Bell, Executive VP of Marketing and Communications for […]

Principal Limit Reduction Update & Interview with Peter Bell

Reverse Fortunes Weekly Podcast Episode #98 The Skinny on PLF Cuts & Interview with Peter Bell To listen login or become a free member to listen to past & current episodes Talking Points: Throw away the key! Reverse Mortgage Fraudsters facing serious time Consumer letter applauds reverse mortgage and originator Another drop for reverse mortgage […]

Small Lender Busted for Deceptive Marketing by Local Media

Reverse mortgage lenders using direct mail pieces which look like it was sent from a government entity is certainly not the way the majority of companies market their business but it continues to happen. Another case was recently discovered by NBC 12 in False Foreclosure notices. One reverse mortgage lender which portrayed itself as Government […]

PBS Interview with Consumer Credit Counseling Service of Dallas

Public Television and Radio for North Texas published an interview with Todd Mark of Consumer Credit Counseling Service of Dallas discussing reverse mortgages. Sam Baker talks with Mark about reverse mortgages which you can read in the interview below. In this current economy, some people may be considering a reverse mortgage – a loan that […]

DOJ: Two Plead Guilty to Reverse Mortgage Fraud, Could Face 30 Years in Prison

The Department of Justice announced that Kelsey Torrey Hull, 38, and Jonathan Alfred Kimpson, 27, both of Lithonia, Ga., pleaded guilty in federal district court to a conspiracy to defraud reverse mortgage lenders and the Federal Housing Administration. Hull pleaded guilty to an additional bank fraud charge involving mortgage fraud, and Kimpson pleaded guilty to […]

FHA Leaves Dark Ages, Now Accepting Electronic Signatures for Third Party Docs

The Federal Housing Administration (FHA) announced it will begin accepting electronic signatures on third party documents originated and signed outside of the lender’s control, such as real estate contracts. A Mortgagee Letter detailing FHA’s new streamlined process is posted on the HUD website. It becomes effective immediately for FHA forward and reverse mortgage products (HECM) […]

Newspaper Mailbag: Nice Change From the Typical Coverage

Oregon’s Democrat Herald published a letter from a reader which is a nice change from the typical reverse mortgage opinions we see published in newspapers. See below. Mailbag: An adviser you can trust I would like to offer a bit of friendly advice based on a recent personal experience. Financial difficulties have become all too […]