First Mariner Bank entered into a profit sharing agreement with a private company related to its reverse mortgage division Next Generation Financial Services (NGFS) and may result in the acquisition of NGFS if certain requirements are satisfied within the next 18 months.
According to a filing with the Securities and Exchange Commission:
The closing of the transaction is subject to numerous conditions, including, without limitation, that the parties obtain consents and approvals from c... Read Full Story
HeraldNet writer Tom Kelly brings up a great point in his column over the weekend when he says that Seniors find a way by asking, ‘What’s possible?’.
While the question might seem simple, Kelly writes that it can spark critical conversations in senior households, especially when times are tough and cash is tight.
Using one couple as an example, they wondered if a lender with a second mortgage on a property would subordinate its position so a senior could could obtain a reverse mortgag... Read Full Story
Choice Home Mortgage Services has added Frank Miller to its exclusive Long Island Reverse Mortgage team said a company statement. Miller has published articles on reverse mortgages and has presented various seminars on the subject for both senior groups and government agencies.
"The Reverse Mortgage is far more that just a mortgage. It is a serious Financial Planning tool that can aid in many aspects of financial planning, and make significant, positive changes in the senior homeow... Read Full Story
The US Department of Housing and Urban Development will publish an advance notice of rule making concerning reverse mortgages and will “ask some serious questions that a lot of people may find disconcerting,” said Meg Burns, Director, Single-Family Program Development at HUD.
Burns spoke at the National Reverse Mortgage Lenders Association’s annual conference earlier this week and said the notice will ask the following questions:
Whether or not FHA should prohibit the proceeds to purchase a... Read Full Story
Wholesale reverse mortgage volume for the month of September totaled 5,567 units, up 6.1% from August and marking the 6th highest wholesale volume month on record according to data from Reverse Market Insight.
For fiscal year 2009, wholesale endorsements totaled 60,798, dropping just under 1% from FY 2008. Financial Freedom took home the #1 reverse mortgage wholesale spot in FY 2009 with JB Nutter coming in at #2.
Taking a look at the top 5 wholesalers for the month of September ... Read Full Story
Mortgage Cadence announced significant enhancements to its compliance support services, specifically adding one-of-a-kind “Compliance Modeling” to the Mortgage Cadence Orchestrator platform.
This compliance approach provides reverse mortgage lenders with the expertise and compliance automation tools needed to address constantly changing state and federal rules and regulations.
“The past year has seen significant changes within the Mortgage Industry. The majority of these changes have pushe... Read Full Story
Reverse mortgage companies are looking to expand, check out the latest jobs from Reverse Mortgage Jobs Online:
Reverse Mortgage Originator (Miami Lakes) Mortgage Bankers of Florida
Loan Officer (Florida) Christensen Financial
Reverse Mortgage Specialist (Nationwide) Financial Freedom
Reverse Mortgage Specialist (South Carolina, Florida, Tennessee, Georgia)AAXA Mortgage
Reverse Mortgage Loan Officer (Nationwide) Equitable Reverse Mortgage
Take your Reverse Mortgage business to the next l... Read Full Story
The secondary market for reverse mortgages is welcoming the expansion of adjustable rate securitizations through Ginnie Mae’s HMBS (HECM MBS) program. Leading the way for its sheer size is Bank of America, which is producing $200 million to $300 million a month in fixed and adjustable HMBS, according to Alan Cates, pricing strategy and secondary market manager for the Reverse Mortgage Division at BofA.
Cates tells RMD that his institution released its fixed-rate product on Aug. 24 of this ye... Read Full Story
Next Generation Financial Services announced that Robert Cannon has joined the company as its Chief Executive Officer. Cannon succeeds acting President Richard Pitbladdo, who will continue to serve as CFO.
Prior to joining NGFS, Cannon was a principal of the Equitas Group, a group of companies he founded that developed private label reverse mortgage programs for community banks and conduct reverse mortgage title closings.
“Rob is an ideal fit for NGFS,” said Daniel Schmedlen, General C... Read Full Story
Reverse Mortgage Daily and Sam Collins are presenting another free training session on December 1, 2009 at 2:00 PM where Sam will cover “Making the Most of the Remainder of 2009 and Getting Ready with Your Strategic Plan for 2010."
He will help open your mind and show you how to make use of every part of your reverse mortgage business by utilizing a logical and systematic plan.
Attendees will walk away with an action plan you can begin implementing immediately and receive a free ... Read Full Story
