Lower Fees for Reverse Mortgages, But Still Expensive Says NY Times

New York Times contributor Tara Siegel Bernard wrote over the weekend that if you’ve been thinking about getting a reverse mortgage, it’s worth taking a closer look now because several lenders have cut prices in recent weeks. Driven by an increase in demand for Ginnie Mae HMBS from Wall Street, lenders like Bank of America, […]

MetLife Lowers Margin for Adjustable Rate HECM Products

Only a few weeks after releasing a no origination and servicing fee fixed rate reverse mortgage product, MetLife announced to wholesale partners it’s lowering margins for adjustable rate HECM products. Previously the company offered margins ranging from LIBOR 250 to LIBOR 325 for its adjustable rate reverse mortgage products, but is now lowering margins to […]

Woman Charged With New Reverse Mortgage Fraud

Jackson County prosecutors charged Marilyn James, 55, in connection with a reverse mortgage scam on Thursday said KCTV5 News. During a press conference, Jackson County Prosecutor Jim Kanatzar said the woman inherited a house and instead of selling it, used the personal information of her elderly neighbor, transferred the property to his name and then […]

LTC Global Acquires Share of First Mariner Bancorp

LTC Global purchased approximately 6.7% of the outstanding common stock of First Mariner Bancorp (NASDAQ: FMAR) according to a filing with the United States Securities and Exchange Commission. Last week, First Mariner Bancorp raised $10.9 million in a stock offering, which included LTC Global purchasing 1,184,863 shares of the common stock. First Mariner Bank is […]

AppraiserLoft Successful in Adding Reverse Mortgage Lenders

AppraiserLoft announced it’s working with nine of the largest reverse mortgage lenders in the country in a company statement. “We made a strategic decision in early 2007 to enter the reverse mortgage industry with zeal, and we have been fortunate to build such strong relationships during this time,” said Aman Makkar, AppraiserLoft’s founder and CEO. […]

Bank of America Paying Half of MIP on Fixed Rate Reverse Mortgages

Bank of America announced to wholesale reverse mortgage customers it will pay 50% of the upfront Mortgage Insurance Premium (MIP) on all HECM fixed rate transactions. The new policy is effective April, 16 said the company in a statement to brokers. “In an effort to continue to drive additional benefit back to senior borrowers, this […]

Governor Signs Bill to Require Reverse Mortgage Servicers Be Licensed

Washington State Governor Christine Gregoire signed House Bill 2608 into law, amending both the Washington Consumer Loan Act and the Mortgage Broker Practices Act. As a result, the Washington Consumer Loan Act will require licensing of mortgage servicers starting July 1, 2010. According to the bill, a mortgage servicer who, on behalf of a lender […]

HUD Secretary Announces New Program to Help Smaller Lenders Access Ginnie Mae

During a prepared speech at the Mortgage Bankers Association’s annual National Policy Conference in Washington, the US Department of Housing and Urban Development secretary Shaun Donovan said that starting in October or November, Ginnie Mae will allow lenders to securitize single loans and issue pool on a daily rather than a monthly basis. “This will […]

Wholesale Volume Drops in February, New Top Lender

Wholesale reverse mortgage volume dropped 12.6% in February, coming in with a total of 3,890 units according to data from Reverse Market Insight. Generation Mortgage came in at the top spot with 831 units, followed by Bank of America and Urban Financial Group rounding out the top 3. The data also shows that 92.5% of […]

Executive Remains Bullish on Long Term Prospects for Reverse Mortgage Industry

Despite an expected downturn in reverse mortgage volume for 2010, Torrey Larsen, President of Security One Lending remains very bullish on the long term prospects for the reverse mortgage industry. “I see three macro trends that I believe will create an increasing awareness and use of Reverse Mortgage products,” said Larsen. First he said that […]