It’s difficult to stand and keep taking punches from a largely misinformed media when it comes to reverse mortgages. On December 20th the Wall Street Journal published a Peter Bell (NRMLA President) response to an article the week before…
Continue readingAn Unlikely Ally?
The prospect of not continuing to offer reverse mortgages has created unlikely ally for the program, AARP according to Sterne Ageel. Wall Street sees the continued profitability of the program and TWO: AARP is seen as a defender of the HECM. While AARP has long educated consumers…
Continue readingTen sentences to change your life
Here are ten sentences to improve your life. #1 “People aren’t against you; they are for themselves.” The sooner we understand human nature the better we are able to relate to others. #2 “Climb mountains not so the world can see you, but so you can see the world.” #3 “You learn more from failure than from success; don’t let it stop you. Failure builds character.” We learn best from the school of hard knocks. It’s how we are wired. #4 “The most dangerous risk…”
Continue readingWhat just happened? A look behind the scenes.
Even though HUD telegraphed their intentions to make substantial changes to the reverse mortgage program many today are in a state of shock. Here’s brief look behind the scenes courtesy of NRMLA’s special bulletin. First, our industry has been very active in working with those shaping policies for the HECM program. NRMLA and others have been working tirelessly
Continue readingOvercoming Shock
Any massive industry change that effects our business can lead to a variety of symptoms: fear, helplessness, anger, sadness or paralysis. That is to be expected. The question is how can we as individuals overcome our state of shock. Now here are a few things …
Continue readingRisk Management: A Fair Approach?
With FHA’s mortgage portfolio showing and estimated negative $16 billion dollar balance after accounting for projected future losses the agency is in risk management mode. But with the HECM program possibly facing reduced loan to value ratios, or as we call them principal limit ratios, wouldn’t it be wise to reduce lending ratios for traditional FHA mortgage borrowers? Today, despite the housing crash and fragile market recovery, borrowers can pay a minimum of 3.5 percent down…
Continue reading12 Things We Weren’t Told…
Here are 12 things we may have not been told that may help us refocus and increase our happiness quotient. Some things must be experienced not learned…
Continue readingSaving the Reverse Mortgage. What If?
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What if? That is pretty much all we can say as an industry about the certain and yet unknown changes to the federally insured HECM or reverse mortgage program. With an estimated future negative balance of 2.8 billion FHA finds itself in an awkward postion. One of defending the existence of the program before the Senate. Yes, some members of the Senate Committee on Banking Housing and Urban Affairs pushed the idea of suspending, yes stopping the program as a solution
How to Prepare for Change
How do we prepare for change in our workplace, in our industry? Here are just a few tips to help us prepare for the coming year. #1- Admit that changes comes often in our industry. Ask yourself what are the larger implications if no changes are made to the HECM program?
Continue readingWhat You Need to Know About Appraisals: Our Exclusive Interview with Brian Coester
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We spoke with Brian Coester, CEO & founder of Coester Appraisals. We discuss if home values have really hit the bottom? Which markets are doing well and which are still struggling. The shadow inventory of foreclosures and banks releasing them into the market as well as how to help protect reverse mortgage borrowers from spending too much when their value is uncertain.
