| From : reversemortgagedaily.com
Published to Reverse Mortgages
A New York jury this week found guilty the defendant in a $14 million Ponzi scheme that included the investments of senior borrowers’ reverse mortgage proceeds. The defendant, Joseph Mazella, 52, faces a maximum sentence of 25 years in prison for the crime.
Mazella, founder and president of the Great Atlantic Group, a Staten-Island based real estate and financial consulting company was found guilty of charges of securities fraud, wire fraud and money laundering. The trial lasted two weeks... Read Full Story
| From : reversemortgagedaily.com
Published to mortgage industry
In case you missed it… here’s what happened in reverse mortgage news this week.
The CFPB started knocking on lenders’ doors. One mortgage company told RMD it will be audited by the new agency starting next week, including an a two-week on-site visit from CFPB reps. The agency is still coming under fire for its unprecedented authority and the controversial recess appointment of its first-ever director, Richard Cordray.
In other CFPB news… the agency is under way with a reverse mortgage... Read Full Story
| From : reversemortgagedaily.com
Published to hypo venture capital
The Consumer Financial Protection Bureau is under way with a reverse mortgage study that has the potential to drive regulation in the coming year. In its first-ever annual report to Congress , the new bureau noted work on the study, in addition to a separate research endeavor that seeks to determine best practices for financial advisors who work with older Americans.
“The reverse mortgage study is in progress and we are working to meet the July 21 statutory deadline,” a CFPB spokeswoman... Read Full Story
| From : reversemortgagedaily.com
Published to mortgage industry
Bank of America will pay $1 billion to the U.S. largest false claims act settlement relating to mortgage fraud, states attorneys general and the federal administration announced Thursday. In the largest settlement of its kind encompassing 49 states attorneys general and the federal government, Bank of America is one of five servicers involved in defrauding hundreds of thousands of homeowners by wrongfully foreclosing on their homes. Bank of America will have to pay an additional $1 billion... Read Full Story
| From : reversemortgagedaily.com
Published to Reverse Mortgages
A New Mexico Senate bill has loss mitigation implications that would impact reverse mortgage borrowers in the state and the National Reverse Mortgage Lenders Association has expressed formal concerns about the bill moving forward.
In a letter sent January 27 to Sen. Michael Sanchez (D-N.M.), NRMLA stressed concerns regarding the Mortgage Fair Foreclosure Act, which states that in New Mexico, “homeowners should be given reasonable notice of the fact of and basis for an alleged default on... Read Full Story
| From : reversemortgagedaily.com
Not yet published.
Many top-10 reverse mortgage producers are seeking originators as well as underwriters and operations managers as they gear up to continue on the race for market share in 2012. From phone salespeople to boots-on-the-ground originators, the industry is staffing up. Check out the following opportunities from both national and regional companies across the U.S. For a complete list of jobs that are open, visit Reverse Mortgage Jobs Online .
The list continues to grow. Check out the... Read Full Story
| From : reversemortgagedaily.com
Published to mortgage industry
Housing officials announced Thursday the details of a historic, $25 billion mortgage servicing settlement with the five largest U.S. mortgage servicers: Bank of America, J.P Morgan Chase, Wells Fargo, Ally Financial and Citigroup. Forty-nine state attorneys general and the federal government signed the agreement.
The settlement comes after months of evidence gathered with regard to servicers foreclosing on homeowners without going through the legal process of measures to help those mortgage... Read Full Story
| From : reversemortgagedaily.com
Published to Debt Consolidation
In January, reverse mortgage lender Live Well Financial announced it had received approval to issue Ginnie Mae HECM Backed Mortgage Securities after a three-year-plus wait time. With the landscape for issuers having changed in recent months, is the timing of the approval a coincidence with two of the large HMBS issuers quitting the reverse mortgage business last year?
The top three issuers as of quarterly data reported in November 2011 measuring original principal balance were Urban... Read Full Story
| From : reversemortgagedaily.com
Published to mortgage industry
A House subcommittee approved a bill Tuesday to help the Federal Housing Administration “shore up” the health of the Federal Housing Administration’s mortgage insurance fund.
The FHA Emergency Fiscal Solvency Act aims to strengthen the fund, which insures all FHA loans including Home Equity Conversion Mortgages. An independent audit of the fund found in November revealed that its capital reserves were well below the mandated level of 2%.
“The FHA’s cash reserves are down to dangerous... Read Full Story
| From : reversemortgagedaily.com
Not yet published.
Mortgage regulators now have SAFE Act Examination Guidelines (SEGs) with which to monitor and ensure mortgage loan originators are properly licensed and registered in the states where they are doing business. The Multi-State Mortgage Committee under the Conference of State Bank Supervisors (CSBS) released the new guidelines Wednesday for use by state non-depository mortgage regulators.
“The primary purpose of the SEGs is to ensure that all individuals acting as MLOs are properly licensed... Read Full Story
