LTC Global announced that Brett Carter has joined LTC Global as Director of Business Development of LTC Global’s Mortgage Division. Carter’s primary duties will include continued participation in the business activities of Next Generation Financial Services (NGFS), a leading originator of reverse mortgage products said a company statement.
LTC Global made an investment in NGFS earlier this year, but terms of the investment have not been made public. The company is an independent market... Read Full Story
The National Reverse Mortgage Lenders Association issued two new Ethics Advisories which outline the expected standards and practices in selling other financial and insurance products as well as standards for mortgage lead generation activities.
The first Advisory 2009-01 “Ethical Offers of Other Financial and Insurance Products and Services” discusses ethical practices in which members may refer, recommend, originate or sell any other financial or insurance products.
This guid... Read Full Story
New York Times writer Bob Tedeschi wrote about the HECM for purchase program which enables older borrowers to use a reverse mortgage to buy a principal residence. While the guidelines for the program were released early in 2009, the program is just starting to catch on.
“The problem had been that lenders needed more information from the government about acceptable underwriting procedures,” said Peter Bell, the executive director of the National Reverse Mortgage Lenders Association.
AAR... Read Full Story
A new report from Government Accountability Office (GAO) found that the Department of Housing and Urban Development’s internal controls do not provide reasonable assurance that counseling providers are complying with HECM counseling requirements.
As part of the GAO’s examination, they participated in 15 HECM counseling sessions and found that while the counselors generally conveyed accurate and useful information, none of the counselors covered all of the topics required by HUD, and some over... Read Full Story
Lansing, MI based Celink is celebrating its 40th year of business and despite being located in the heart of an economically troubled state like Michigan, John LaRose, CEO of Celink reflects on the past and looks with optimism to the future.
“There is an invaluable lesson organizations learn in order to weather the storms created in difficult economic times: No business is invincible and it can never take those it serves for granted,” said LaRose.
To mark the 40 year milestone, Celink retaine... Read Full Story
Here are a few of the new jobs posted to Reverse Mortgage Jobs Online:
Reverse Mortgage Originator (Nationwide) iReverse Home Loans
Reverse Mortgage Originators (California) The Senior Equity Group, Inc.
Reverse Mortgage Careers (Multiple) Equitable Reverse Mortgage Company
Team Leaders Wanted (Irvine) American Advisors Group
Reverse Mortgage Virtual Banker (Nationwide) Allied Mortgage dba Reverse Ultra
The best and the brightest in the industry read RMD, reaching them only costs $1 a day.... Read Full Story
Government continues its march toward greater involvement in private enterprise, including the reverse mortgage sector, with the Federal Trade Commission now expanding its scrutiny there. Senior agency attorney Carole Reynolds tells RMD, “We have new powers [granted] in the current federal omnibus appropriations act, which directs us to begin new mortgage rule making.” And, adds Reynolds, that “heightened scrutiny applies to reverse mortgages as well.”
While conceding that recent complaints t... Read Full Story
Senator Claire McCaskill held a Special Committee on Aging Field Hearing this week to examine reverse mortgage industry problems and possible solutions. McCaskill feels that while this can be a useful tool for some, many elderly homeowners are prime targets for predatory lending schemes in a rapidly growing industry said a press statement.
During her speech, she expressed her concerns about lax oversight that is leaving seniors vulnerable to predatory practices leading to fraud and vict... Read Full Story
The average HECM borrower will see their initial benefits increase by $ 2,500 tomorrow.
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Late Friday afternoon Security One Lending acquired OMNI Reverse in a stock transaction which makes it the 9th largest reverse mortgage lender according to HUD’s endorsement reports.
The combination of the two organizations will bring together leading origination forces, mortgage banking expertise and marketing/fulfillment systems into one company. The mortgage banking operation, which is based in San Diego, will continue to handle all underwriting, document, and funding/insuring... Read Full Story
