FHA Withdraws Approval of More Than 900 Lenders
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Inside this Issue...
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I just wanted to put in a quick note here to say thank you to my partners who have entrusted me with their clients. Over the past 2 weeks I have received an increased number of calls from my partners. Their clients have a need and the Reverse program fit the bill as the best option. Again, thank you for allowing me to build that trust with you - and thank you for making me a part of your financial team!
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Yes! This is a repeated, beaten down point. When you open a new Reverse program...you still own the home! All the equity is yours. And when you pass on from this world, you still give your children or your estate all the equity you have built up in the home. This point bares repeating because every client I talk to has this as their #1 concern. To hear the sighs of releif after explaining this fact...
I believe the people who have the courage to look into the Reverse program - they end up going for it. This is because they discover how much more secure and safe the program is compared to what they had originally thought. Let your clients know!
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FHA Withdraws Approval of More Than 900 Lenders
July 27th, 2010
In this year alone, the Federal Housing Administration’s Mortgagee Review Board (MRB) has taken nearly 1,500 administrative sanctions against lenders said the agency in a statement Monday. These sanctions include reprimands, probations, suspensions, withdrawals of approval, and civil money penalties.
The MRB published dozens of administrative actions against FHA-approved lenders who failed to meet its requirements in the Federal Register.
Senate Appropriators Include HECM Subsidy in HUD Budget
July 26th, 2010
The Senate Appropriations Committee included $150 million for the Federal Housing Administration’s reverse mortgage program in the US Department of Housing and Urban Development’s FY 2011 budget, matching the amount provided by the House.
Next the bills head to the full House and Senate for vote. If each passes, House and Senate appropriation conferees will have to reconcile their respective spending bills before each chamber votes again on a final version according to the National Reverse Mortgage Lenders Association. Both houses are tentatively scheduled to be on vacation from early in of August through September 14.
Bye Bye HVCC, Appraisal Management Companies Here to Stay
July 26th, 2010
Along with new oversight of the reverse mortgage industry, passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (H.R. 4173) brings new appraisal independence requirements and grant funding for state oversight and enforcement of the regulations.
“This bill will mean good news for consumers because they should see more reliable home appraisals,” said Leslie Sellers, President of the Appraisal Institute. “It will encourage the use of highly trained and competent real estate appraisers and will provide much-needed resources for oversight and enforcement.”
Former FHA Commissioner: Washington Must Resolve Uncertainty Within HECM Program
July 23rd, 2010
Former FHA Commissioner Brian Montgomery’s support couldn’t have come at a more important time for the reverse mortgage industry.
In his latest opinion piece for Mortgage News Daily, he calls on representatives in Washington, DC, to look beyond the budgetary and actuarial concern of the $250 million subsidy request for FHA’s reverse mortgage program. The “$250 million is a rounding error in a proposed 2011 federal budget of $3.8 trillion” he says. ”The reverse mortgage product has at its very core an essential social purpose.”
Montgomery believes that reverse mortgages help address the growing concern of how the growing senior population will be able to age in a comfortable and secure environment.
NCUA Issues Reverse Mortgage Fraud Alert
July 23rd, 2010
The National Credit Union Association issued a regulatory alert warning of the potential for reverse mortgage fraud schemes that strip homeowners of their equity.
“In the current economic environment, the ability of long-term homeowners to access existing home equity quickly through reverse mortgages may make them vulnerable to predators committing financial fraud,” said NCUA. ”Law enforcement has identified new schemes where family members, loan officers, and others effectively steal money from senior citizens in home equity fraud schemes.”
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